2254 GMT - AGL Energy's bear at Macquarie remains concerned about the power generator and retailer's FY28 outlook. Macquarie reckons consensus expectations for FY27 Ebitda of A$2.04 billion are materially too high. It points out the industry is 57% through the Default Market Offer period for pricing. Macquarie adds the El Nino weather event hasn't materially changed forward electricity markets, while batteries have reduced day-to-day volatility. "Power pricing is likely to stay below A$100/MWh (New South Wales) in FY28 and FY29," Macquarie says. The performance of AGL's power plants in July and August reflects the soft price environment with reduced coal generation, although this is likely reflected in FY27 Ebitda guidance, Macquarie says. It keeps an "underperform" call and A$7.94/share price target on AGL, which ended Wednesday at A$8.78.