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AGL could see a billion dollar profit this year

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AGL Energy is Australia’s largest energy generators and it’s indicated their profits this year could come in as high as $1.04 billion.

AGL says the majority of their profits have been made in wholesale markets.

But what does this say to consumers when energy prices are rising and providers are enjoying greater profits?

Chief Executive Officer of the Energy Users Association of Australia, Andrew Richards, joins Ross Greenwood to discuss what these profit margins mean for the everyday Australian.

“We really need a long-term energy policy to get this sorted out so we can get back to something that allows generators like AGL to make some money but also allows businesses to continue to be profitable and continue to have their base here in Australia.

“While it’s important to focus on the direct impact on households, we also need to consider the impact on industries that produce our food and manufacturing building products.

“If their costs continue to go up, then we’ll begin to see those costs flow through into the products and services that they provide.”

Click PLAY below for the full interview