Price rises boost AGL

SOARING electricity prices have handed AGL Energy a record profit – and the utility has told shareholders the bottom line is set to get fatter.

AGL, the nation’s second biggest energy retailer, has also picked Crib Point on Victoria’s Mornington Peninsula as the site for a mooted $250 million liquefied natural gas import terminal.

Its plan to import gas comes despite Australia being on track to become the world’s biggest LNG exporter.

The bumper profit haul at AGL helped chief executive Andy Vesey pick up a pay and perks package worth $6.9 million for the financial year.

The group revealed yesterday that its net profit for the year to June had clocked in at $539 million.

AGL said underlying profit was expected to surge to a new record of between $940 million to as much as $1.04 billion in the year to next June.

Shares in AGL closed down 1.9 per cent yesterday at $24.52.