Energy Action Limited announced trading results for the year ended June 30, 2017. The first quarter of 2017 saw the continued upward trend in volatile energy costs in conjunction with significant abnormal disruptions in energy markets, including the recent blackouts in South Australia and continued speculation on the future of the Hazelwood generation facility in Victoria. This has resulted in retail pricing for commercial and industrial (C&I) customers becoming significantly more expensive than comparative periods which has delayed client decisions and timing around contracting. Energy contracts are also less freely available with reduced energy retailer participation in procurement events. In conjunction with delayed contracting in September and October, the company has experienced several instances of agreed pricing being withdrawn by retailers and in many circumstances retailers suspending their pricing activities for extended periods of time due to unforeseen movements in the wholesale energy markets. This has resulted in lower sales for Energy Action, only a portion of which is expected to be recovered during 2017.

Based on the current trading performance and outlook for the balance of the year, the company expects 2017 operating NPAT to be approximately 25% lower than 2016 assuming no further unforeseen market events impacting normal trading activities.