AGL sold off forward 2010 electricity curve in all states: demand down and new competitive generation

First 10 of 10 paragraphs shown The NEM forward electricity curve was at a near 3-year lows.
Cooler weather blamed: Michael Fraser, Managing Director AGL did not mention the "R" word, and blamed a "relatively mild 2009 winter and declining spot prices across the NEM"
AGL sell-off: AGL reported this had resulted in the forward curve being sold off in all states
Then line contraints: Hot weather in NSW in December combined with constraint on a physical line caused spot volatility which rallied the forward curve leading into 2010
Average income fell: A heat wave in VIC and SA in January saw the forward curve testing 6-month highs, however milder temperatures from then on saw the forward curve once again being sold off reported AGL 2010 Full Year Results, 12 months to 30 June 2010, published 26 August
Lower prices bid as new generation entered: Underlying (less than $300/MWh) spot prices have continued to decline since summer assisted by continued to decline since summer, assisted by new generation coming online in NSW and QLD.
Three year low: This had 'driven the forward curve to near 3-year lows'.

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