AGL Cuts 2011 Profit Outlook After ‘Extreme Weather’
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AGL Energy Ltd., the Australian power and gas retailer, cut its full-year profit forecast after surging temperatures boosted demand at a time when the utility had to buy supplies at increased wholesale prices.
The shutdown of the Yabulu power station because of Tropical Cyclone Yasi and the disruption of gas supplies to the Oakey generator in Queensland, along with several days of record electricity demand in New South Wales and South Australia, prompted the company to lower its outlook, AGL said in a statement to the stock exchange today.