26 November 2017
Origin delivers lower electricity prices to more Victorian households
Origin will fully offset an upcoming electricity price rise for many households and deliver lower energy prices to these customers for the next two years, ensuring more Victorians have access to affordable energy.
Origin expects to announce a 14.4 per cent increase to its Victorian standing electricity retail tariffs effective 1 January 2018, resulting from significantly higher wholesale energy prices in the National Electricity Market following the closure of several large power stations.
Victorian residential concession customers on Origin’s standing and non-discounted contracts will receive an automatic discount from 1 January 2018, which will be more than this electricity price increase. This means that these customers will avoid the price increase and effectively enjoy a 15 per cent saving compared to today’s prices.
Origin’s other residential Victorian standing and non-discounted customers will receive an automatic discount from 1 January 2018 that will also offset the electricity price increase, and they will effectively enjoy a five per cent saving compared to today’s prices.
These discounts will remain in place for two years.
Origin Executive General Manager, Jon Briskin said, “Most of our Victorian customers have already signed up to competitive Origin discounts – we’re determined to also help those customers who have not yet taken advantage of our discounted deals.
“We’re particularly mindful of the impact of rising electricity prices on older and vulnerable members of our society and that is why we are providing a deeper discount to concession holders.
“We want Australians to more easily compare, understand and access our deals. We’ve been writing to our customers on standing offers and just launched the Savernator online comparison tool, which presents personalised dollar savings to help customers access better deals with ease and confidence.
“In order to deliver a sustained reduction in energy prices for Australians we need certainty in long term energy policy to encourage investment in new power supply.
“Origin will continue to work with governments and regulators to find a way through on energy policy,” Mr Briskin said.
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Redemption of Capital Securities
Origin Energy Limited (Origin) today announced that it redeemed, in whole, the €500 million Capital Securities due 2071 issued by Origin Energy Finance Limited and listed on the London Stock Exchange at their first call date (16 June 2018) in accordance with the terms of those securities.