EnergyAustralia blames $1bn loss on ‘unprecedented conditions’ amid supply issues at coal plants

Electricity producer EnergyAustralia, which announced a $1bn loss, was exposed to costly spot prices for electricity and coal because of unplanned outages at the Yallourn power station, pictured. Photograph: Asanka Ratnayake/Getty Images

EnergyAustralia, one of the country’s largest electricity producers and retailers, blamed “unprecedented conditions”, including supply issues at coal-fired plants, for its $1bn loss in 2022.

The company’s parent, Hong Kong-based CLP, said EnergyAustralia lost $HK5.3bn ($1bn), compared with an $HK83m ($15.66m) shortfall in 2021.