0049 GMT - AGL Energy keeps its bull at Macquarie despite a softer outlook for Australian power prices. A note from one of the investment bank's analysts points out that prices in Australia's most populous state have been weakening over the past three months, perhaps due to improved grid confidence during periods of heat-driven demand. The impact on the current FY is negligible, but this is emerging as a headwind for earnings in FY 2027 and FY 2028, the note says. However, the analyst reckons that AGL's A$3 billion battery investment over the next four years should offset lost earnings from legacy gas and coal contracts. Its target price falls 5.5% to A$10.40 but Macquarie keeps an outperform rating on the stock, which is down 1.9% at A$8.71. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

January 13, 2026 19:49 ET (00:49 GMT)

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