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AGL Energy considers purchasing terminal to import LNG

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LNG Industry,

Reuters are reporting that AGL Energy Ltd has benefited from rising electricity prices in the first half of this financial year and announced on 8 February it expected them to climb further, offsetting problems in its gas business.

Gas price spikes, due to rising LNG exports, are squeezing profit margins for retailers like AGL, who have to buy gas to supply customers.

AGL reported a 3.7% rise in underlying profit for the six months to December to AUS$389 million.

AGL said its full-year underlying profit would land in the upper half its forecast range of AUS$720 million to AUS$800 million, up from AUS$701 million last year.

To help deal with a potential gas supply shortage in southeastern Australia, AGL is considering building a terminal to import LNG – once an improbable idea with the country set to become the world's biggest LNG exporter by 2019.

The company expects to make a final investment decision by June 2018. It is considering building a floating LNG regasification plant or a plant onshore.

AGL's shares rose as much as 4.6% to a record high of A$24.05 after the result.

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