Analyst Note
| Adrian Atkins |Narrow-moat AGL Energy has lowered earnings guidance with the Loy Yang A Unit 2 generator fault. The +500 megawatt generator, which produces nearly 10% of Victoria’s power requirements, has been offline since April 15, 2022 due to a rotor fault. We downgrade our fiscal 2022 NPAT forecast by 19% to AUD 251 and our fiscal 2023 NPAT by 3% to AUD 374 as a result of the lost electricity generation volumes, but our long-term forecasts are unchanged.