EnergyAustralia returns to profit as prices jump
Angela Macdonald-SmithSenior resources writer
EnergyAustralia staged a dramatic turnaround in profitability in the June half, as its coal and gas power plants took advantage of a sharp rise in electricity prices in the June quarter amid low renewable power generation.
Operating earnings at EnergyAustralia, the country’s third-biggest electricity and gas retailer, reached $HK611 million ($122 million) in the six months ended June 30, bouncing back from a loss of $HK590 million in the year-earlier half.
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