AGL has announced a total profit of $431.1 million for the 2010-11 financial year, recording only a small increase over the previous year's $429.9 million in profit.

 

AGL's Chairman Jerry Maycock blamed "the unusual combination" of weather events in the country's east and southeast and the unexpected increase in the cost of acquiring wholesale electricity for the company's flat result. Mr Maycock announced that the two factors had conspired wipe off $32 million in underlying profit for the company.

 

However Mr Maycock was more upbeat in describing the company's performance in developing its windfarm assets in South Australia and Victoria, with construction of the Oaklands Hill wind farm project underway, which will be the country's largest wind farm.