AGL Energy, Australia’s largest electricity generator, has released an optimistic profit upgrade while also announcing upcoming bill increases for customers. This news has led to a significant increase in the company’s share price. AGL Energy plans to invest billions of dollars in the coming years to shut down old coal-fired power stations and replace them with renewable energy and fast-start gas units. CEO Damien Nicks acknowledges the impact on customers during this period of inflation and encourages them to switch to monthly billing to manage costs. Despite the introduction of taxpayer-funded bill relief, AGL Energy anticipates an increase in customer debt. The company is committed to supporting customers during this challenging time. A class-action lawsuit has been filed against AGL Energy, accusing the company of manipulating the electricity market and causing higher prices and power bills than necessary. AGL Energy aims to exit coal-fired generation completely by the end of FY35 and repurpose the sites as industrial hubs. However, concerns exist regarding potential blackouts if new assets are not prepared to replace the unreliable coal generators in the national electricity market. AGL Energy is focusing on reliable, flexible operations and is actively working to secure gas supplies for the future. The company’s updated forecasts indicate an increase in underlying earnings and profits due to improved plant availability, reduced outages, and a higher customer margin. Despite higher operating costs, AGL Energy expects its profits to more than double in the coming years due to sustained periods of higher wholesale electricity prices.