EnergyAustralia has reported a 73 per cent drop in first-half profit, primarily due to contracting margins in electricity and gas sales, coupled with the cessation of government-mandated coal price caps. The company is one of Australia’s largest energy suppliers, providing electricity and gas to millions of homes and businesses. It aims to provide affordable energy while investing in cleaner sources for the future.
According to a statement from its owner, CLP Group, the earnings for the six months ending June 30 plummeted to $HK167 million ($32.8 million), a significant decrease from the $HK611 million recorded in the previous year. CLP noted that the negative effects of reduced retail margins and increased coal costs overshadowed the positive impacts of rising power prices and the advantages gained from EnergyAustralia’s increasingly adaptable energy portfolio as it navigates the energy transition.
EnergyAustralia experienced a decline in coal power generation from its Mount Piper station in New South Wales and the Yallourn facility in Victoria, which was attributed to a rise in operational outages. Despite these challenges, EnergyAustralia has pursued strategic partnerships aimed at facilitating its transition to cleaner energy sources.
These partnerships include a collaboration with Banpu Energy Australia on the Wooreen battery project in Victoria, as well as a joint venture with EDF of France for the proposed Lake Lyell pumped hydro project in New South Wales, demonstrating the company’s commitment to investing in renewable energy infrastructure.
