AGL Energy (ASX:AGL) has maintained its underlying earnings guidance ranges for the 2024 fiscal year.

The company has observed forward curves for wholesale electricity within the current market for fiscal year 2025, and these projections appear to be broadly in line with pricing levels for FY24.

From the interim dividend of FY24, AGL Energy plans to target a payout ratio of 50 to 75 percent of underlying profit after tax.

The company’s earnings guidance for FY24 assumes sustained periods of higher wholesale electricity pricing, among other factors.

AGL Energy may begin to pay partly franked dividends from the interim FY25 dividend.

The company also revealed plans to spend at least AUD 70 million over the next two years to assist customers with managing cost of living pressures.

The company’s Dividend Reinvestment Plan (DRP) has been suspended indefinitely and will not be in effect for the final fiscal year 2023 dividend.

Over the fiscal year, there has been a noticeable improvement in plant availability according to AGL Energy.

AGL Energy (ASX:AGL) is a leading Australian integrated energy company that provides electricity, gas, and renewable energy solutions to residential and business customers.