Back in 2017, AGL was all the rage trading above $25.00 per share. Some analysts were confidently “tipping” that it was going to $30.00. Last November, it hit a low of $5.10. For what was once regarded as a ‘blue-chip' company, this was a massive fall from grace.
AGL’s woes were partly self-inflicted. It took on the Turnbull Government and the ACCC over the early closure of the Liddell coal-fired power station in NSW, hardening their resolve to bring down power prices. It was involved in bungled hedging and onerous contract pricing.
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