EnergyAustralia hurt by falling prices EnergyAustralia, one of the country's largest energy groups, has fallen into the red, hit by the downturn in wholesale electricity prices with little prospect of a quick revival in its fortunes. In the June half, the company lost $HK45 million ($6.3 million), down from the profit of $HK268 million a year earlier. After excluding losses on hedging contracts the net profit for the June half was just $HK55 million, down from $HK807 million. EnergyAustralia, owned by Hong Kong's China Light and Power, generates electricity in Victoria and NSW, where it is also a significant seller of electricity and gas. The Australia energy market is facing unprecedented structural changes," the Hong Kong-based parent said. The past two years have seen a pronounced decline in residential electricity demand in response to rising prices, and the deployment of rooftop solar photovoltaic systems and energy efficiency savings have more than offset any increase in demand from population growth. Commercial and industrial demand has also been impacted ... by a difficult manufacturing environment, in part due to rising energy costs, a highly valued Australian dollar and a slowing global economy. Wholesale electricity prices are also being pressured by a high level of output from renewable energy sources, it said, which is "likely to continue."