AGL began lighting Sydney’s streets with gas in the 1840s. Today it supplies millions of Australians with power, and is trying to shift from coal to renewables. Here’s how it makes its money.
AGL Energy is one of Australia’s largest energy companies, and one of the biggest companies on the ASX.
It started in 1837 as the Australian Gas Light Company, which lit Sydney’s streets with gas in 1841. It is one of the oldest companies on the ASX, reports in Australian dollars, and its financial year ends on 30 June.
Retail
AGL sells electricity and gas to about 4.6 million customer services, mainly in New South Wales, Victoria, Queensland and South Australia. It also sells internet and phone plans. Along with Origin and EnergyAustralia, it is one of the country’s three biggest energy retailers.
Generation
AGL is one of Australia’s biggest electricity generators, and its biggest emitter of greenhouse gases. It owns Bayswater power station in New South Wales and Loy Yang A in Victoria, both large coal-fired power stations. It closed its Liddell coal power station in 2023.
It plans to close Bayswater by 2033 and Loy Yang A by 2035, and is replacing them with wind, solar and big batteries. It has built large batteries at former and existing power station sites, including Liddell, to store energy and supply it when demand peaks.
Having its own generation helps AGL manage the cost of the electricity it sells to customers, as it doesn’t have to buy all its power from the wholesale market.
Cannon-Brookes and the risks
In 2022, AGL planned to split into two companies, one owning its coal power stations. Tech billionaire Mike Cannon-Brookes bought a large stake and led a campaign that defeated the plan, arguing AGL should close its coal plants faster. He then won seats on the board.
The risks include volatile wholesale electricity prices, government intervention in energy prices, the cost of building renewable energy and batteries, breakdowns at ageing coal plants, and competition for customers.
Damien Nicks has been managing director and chief executive since 2023.
Latest results, as at 9 November 2026
Full year to June 2026, reported 12 August 2026: underlying earnings before interest, tax, depreciation and amortisation rose 2 per cent to $2.1 billion, but underlying profit fell 2 per cent to $631 million because of higher depreciation and finance costs. Statutory profit was $756 million. AGL added 92,000 customer services, helped by buying Ampol’s energy retail business. It paid total dividends of 50 cents a share, fully franked.
For the 2027 financial year, it expects underlying profit of $470 million to $670 million.
Next update: AGL reports its half-year results, to December 2026, in February 2027.
