So I couldnt find a thread on AGL so I've started one and I'll paste the relevant posts from the Power Shares thread
Yesterday they wrote of a few billion.
http://research.iress.com.au/IDS/old...091850000&ppv=
An awesome start to my involvment with this company. :scared:
AGL Energy Limited (AGL) has today announced it intends to recognise charges of $2,686 million (post-tax)in its financial statements for the period ended 31 December 2020. These charges reflect $1,920 million in provisions for onerous contracts related primarily to legacy wind farm offtake agreements, increases toenvironmental restoration provisions of $1,112 million, and further impairments of $532 million across AGL’s Generation Fleet and Natural Gas assets, net of a positive tax effect of $878 million.
However note that this has not changed the forecast guidance for the current year ending June. Presumably dividend estimations have not changed either.
So yield (or value trap as Norwest points out ) remains a plus.
I also note today that Moodys Investors Service has today affirmed AGL Energy Ltd's Baa2 long-term issuer, senior unsecured and senior unsecured bank credit facility debt ratings. And outlook remains stable. There are a some positive comments in their report which one may latch onto.
https://www.moodys.com/research/Mood...PR_438734?cid=
This is quite extraordinary Peat. How did all their purchasing from a clean green wind energy source go so wrong? And who was on the other side of the contract, the outfit from which they bought their green energy? Whoever it was that stitched up AGL, those might be the guys to invest in!
SNOOPY
Couldn't find them with quick search but
"The ASX has a smattering of renewable energy stocks worth a look. According to the IEA report, wind and solar stocks lead the renewable energy sector right now. A few ASX entries are already generating revenue and profit while others are in earlier stages of development.
In the first table we look at two diversified utilities with renewable energy assets – Origin Energy (ORE) and AGL Energy (AGL) – along with the few pure play renewable energy offerings currently generating both revenue and profit."
https://thebull.com.au/renewable-ene...-covid-19-era/
Then Queensland Government, via QIC Global Infrastructure Fund's subsidary PowAR bought the 80% controlling state off AGL's in 2016 that have the other side of the contracts. AGL are actually losing money from this offtake agreement with each unit they take off PowAR, and they have to take it. Unbelievable.
Snoopy thats the first thing I looked at when investigating AGL, is to see if I could buy into QIC.
AGL Dipped into $10's today, next stop $9...
It went ex-div today, so it was flat-ish adjusting for the dividend.
But where is will go next, I have no idea.