AGL Energy's FY24 Performance Overview

AGL Energy Limited (ASX: $AGL) has released its results for the year ended 30 June 2024, demonstrating a focus on transitioning its energy portfolio and connecting customers to a sustainable future. The company reported a Statutory Profit after tax of $711 million, with Underlying Profit after tax at $812 million, marking a 189% increase from the prior year. AGL also declared a final dividend of 35 cents per share (unfranked), resulting in a total dividend for FY24 of 61 cents per share (unfranked).

Executive Commentary on Strategic Initiatives and Financial Performance

AGL has made significant progress in transitioning its energy portfolio, with a development pipeline of 6.2 GW, nearly doubling since the release of its Climate Transition Action Plan in 2022. The company's commitment to embedding ESG considerations into its work and decisions has been a key focus, along with a strong emphasis on risk management to ensure effective management of risks and strategic priorities. The increase in total services to customers and the decrease in wholesale electricity prices across all states have contributed to the company's strong financial performance.

Outlook and Corporate Strategy

AGL's commitment to transitioning to a lower emissions, affordable, and smart energy future is evident in its strategic initiatives and financial performance. The company aims to continue its focus on sustainability, responsible business practices, and strong corporate governance. AGL's ambitions include bringing forward the exit from coal, targeting the closure of Loy Yang A Power Station by the end of FY35, and achieving net zero for operated Scope 1 and 2 emissions following the closure of coal-fired power stations. The company also plans to significantly grow its pipeline of climate solutions and add 12 GW of renewable generation and firming capacity before the end of 2035.