$9bn power hit for big firms

Original article by Eli Greenblat, Damon Kitney
The Australian – Page: 1 & 4 : 7-Sep-17

National Australia Bank’s chief economist Alan Oster has forecast that higher energy costs will add 0.6 per cent to the headline inflation rate for the September quarter. Companies that are major energy users estimate that their electricity and gas costs will rise by $A9bn, which in turn will affect profit margins, jobs and investment. Meanwhile, AGL Energy has advised that it has made no commitment to sell its Liddell power station or keep it operating beyond the planned closure date of 2022. Prime Minister Malcolm Turnbull has claimed that AGL CEO Andy Vesey had indicated that the company would be open to selling the power station.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AGL ENERGY LIMITED – ASX AGL, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, RIO TINTO LIMITED – ASX RIO, MINERALS COUNCIL OF AUSTRALIA, DELTA ENERGY PTY LTD, GLENCORE PLC, AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED, AUSTRALIAN LABOR PARTY, TOMAGO ALUMINIUM COMPANY PTY LTD, THE AUSTRALIAN INDUSTRY GROUP, PACT GROUP HOLDINGS LIMITED – ASX PGH, COSTA GROUP HOLDINGS LIMITED – ASX CGC, BLUESCOPE STEEL LIMITED – ASX BSL

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