AGL Energy Limited today announced it will recognise two Significant Items in its financial statements for the six months ending 31 December 2018:
- A pre-tax gain of approximately $52 million from the sale of the portfolio of small generation and compressed natural gas refuelling assets, known to AGL as the National Assets, to Sustainable Energy Infrastructure, a consortium led by Whitehelm Capital. The transaction, which AGL originally announced on 23 April 2018, has now closed.
- A pre-tax loss of approximately $(47) million from the write-down of goodwill, systems investments and inventory, plus other business closure costs, following the decision to exit the company’s proprietary residential solar installation operations, which are deemed non-core. AGL will continue to offer tailored residential solar plans and residential solar installation services to customers through strategic third-party partnerships.
AGL is committed to helping shape a sustainable energy future for Australia. We operate the country’s largest electricity generation portfolio, we’re its largest ASX-listed investor in renewable energy, and we have 3.6 million customer accounts. Proudly Australian, with more than 180 years of experience, we have a responsibility to provide sustainable, secure and affordable energy for our customers. Our aim is to prosper in a carbon-constrained world and build customer advocacy as our industry transforms. That’s why we have committed to exiting our coal-fired generation by 2050 and why we will continue to develop innovative solutions for our customers.