AGL Energy?s bottom line bounced back into the black but annual profit plummeted by 58% to $255 million.
The company said the underlying profit came within market guidance despite the challenging conditions that intensified in the second half.
"Other factors that negatively impacted the result included planned and unplanned plant outages, unprecedented market volatility and suspension, milder weather, increased residential solar volumes and margin compression via customer switching," said AGL Chief Executive Graeme Hunt.
Shares in AGL dropped 3.68% following the announcement.