EnergyAustralia plunges to full-year loss

EnergyAustralia plunged into an operating loss last year, dragged down by higher gas costs and low wholesale power prices, and parent company CLP Group has warned of “volatile and uncertain” conditions facing the sector as a whole.

The loss of $HK83 million ($14.8 million) for the year to December 31 at the electricity and gas supplier compared with an operating profit of $HK1.69 billion the previous year and made Australia by far the worst-performing business for Hong Kong-listed CLP.