Ann: FY19 Half Year Results & affirmation of FY19 guidance, page-12

It is a paper loss, just look at the cash profits.  They have the energy to deliver into the contracts and most likely they will roll over the contracts when due so the loss will never be a cash loss.  AGL is in the business of producing and selling energy, not gambling on energy prices.

AGL is on track to make $1B full year with increased dividends. Look at all the air-conditioners cranking to highest speed 24 hours a day this summer and all the heaters turned on in the coming winter (it is my assumption that we will get a cold winter after an exceptionally hot summer).

The only reason why I won't rate AGL as a buy at this price level is the erratic policies of ALP to destroy wealth and looks like they will win this year.