Edition:
United Kingdom

AGL Energy Updates On FY20 Impact of Extended Unit Outage at Loy Yang


Friday, 7 Jun 2019 

June 7 (Reuters) - AGL Energy Ltd ::COMPLETED AN ASSESSMENT OF EXTENT AND IMPACT OF AN OUTAGE AT UNIT 2 AT LOY YANG A POWER STATION IN LATROBE VALLEY.OUTAGE MAY EXTEND SEVEN MONTHS AND, AS A RESULT, HAVE A MATERIAL IMPACT ON ITS FINANCIAL RESULTS IN FY20.AGL DOES NOT EXPECT ANY MATERIAL IMPACT ON ITS RESULTS FOR FY19 FROM THIS OUTAGE.CONTINUES TO EXPECT UNDERLYING PROFIT AFTER TAX IN FY19 TOWARDS MID-POINT OF ITS GUIDANCE RANGE OF $970 MILLION TO $1,070 MILLION.ANY MATERIAL RECOUPMENT OF THESE IMPACTS VIA INSURANCE CLAIMS IS NOT LIKELY TO OCCUR UNTIL FY21.CURRENTLY EXPECTS ITS EXTENDED NATURE TO LEAD TO REDUCTION IN POTENTIAL UNDERLYING PROFIT AFTER TAX IN FY20 OF BETWEEN $60 MILLION & $100 MILLION.NOW EXPECTS IT MAY TAKE UNTIL DECEMBER 2019 TO RETURN UNIT TO SERVICE AND ENSURE ITS ONGOING RELIABILITY.