AGL Energy Limited (AGL) today announced that the Federal Court has ordered that four AGL subsidiaries pay a total penalty in the amount of $25 million in proceedings brought by the Australian Energy Regulator (AER) in which the Court determined that AGL breached the National Energy Retail Rules by failing to notify and refund approximately 500 customers within the required timeframe in relation to Centrepay payments.

AGL is disappointed that this issue occurred and apologises to the affected customers. Since the issue was identified by AGL in mid-2020, AGL has undertaken significant process enhancements to improve its handling of Centrepay payments.

AGL respects the decision of the Court. As the penalty is significantly higher than expected, AGL will closely review the Court’s judgment and consider whether to appeal.

Payment of the penalty will not impact AGL’s FY25 Guidance, which remains unchanged at:

• Underlying EBITDA between $1,870 and $2,170 million; and
• Underlying Net Profit between $530 and $730 million.

Authorised for release by AGL’s Market Disclosure Committee and Chair of the Board.