Defensive earnings and low gearing position AGL well within Australia's retail energy market.
At its investor day, narrow moat-rated AGL Energy discussed plans to adapt to the changing energy market. The firm is redeploying free cash flows from highly profitable but ageing coal-fired power stations into new renewable generation and gas-fired peakers. It is also investing in IT to drive cost efficiencies, and in speculative new energy projects to keep abreast of the rapidly changing industry. While this all makes sense, management has a tough job. It must juggle energy bill affordability,...
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