November 9, 2023

EnergyAustralia today announced it has released its 2023 Tax Contribution Report covering the year ending 31 December 2022 under the Australian Government’s Tax Transparency Code.

EnergyAustralia’s Interim Chief Financial Officer Hamish Irving said: “We are committed to providing the transparency asked of us through the Tax Transparency Code.

“2022 was a difficult year for EnergyAustralia with an unforeseen energy crisis stemming from soaring wholesale prices, coal supply shortages and disruptions in ageing power generation facilities. As a result, we reported a financial loss for the year and a net tax loss position which aligns with the economic loss.

“We continue to focus on strengthening EnergyAustralia’s operational and financial performance while building out and investing in a diversified generation portfolio of renewable and firming assets, as well as behind-the-meter solutions.”

EnergyAustralia 2023 Tax Contribution Report – Key Disclosures

  •  EnergyAustralia’s accounting loss before income tax for FY2022 was $1,467.7 million (FY2021 was an accounting profit of $326.2 million).
  •  The decline in financial performance was primarily driven by realised losses on sold electricity contracts settling at higher than contract prices, coal supply shortages and coal quality issues at the Mt Piper Power Station, and numerous outage and maintenance issues encountered at the Yallourn Power Station.
  •  The reported net tax loss position aligns with the economic loss, but EnergyAustralia has made payments of over $49.5m in other indirect taxes.
  • Tax losses in the FY2022 are non-refundable and are carried forward to offset taxable income for future income years subject to meeting the loss recoupment rules.

In 2017, EnergyAustralia was the first energy provider in Australia to commit to the Tax Transparency Code. A full copy of EnergyAustralia’s 2023 Tax Contribution Report can be found on the company’s website.

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