17 August 2017
Response to The Daily Telegraph
The article "'Rip-offs' the Origin of profits" in today's The Daily Telegraph (p9) references analysis by the Australia Institute which purports Origin's profit per electricity customer is $521.
Gross Profit is not an accurate reflection of the profit Origin makes per residential electricity customer. Gross profit is a number that includes both very large business customers as well as households. From this number, a large number of costs to our business must be taken out before we make a net profit.
Origin provided the following statement to The Daily Telegraph:
“It’s wrong to say that the $521 gross profit listed in Origin’s accounts is how much we make per household electricity customer, as this also includes our largest business customers. The net profit we make on a household customer after all costs are taken into account is less than a quarter of that," an Origin spokesperson said.
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Price review outcome and update on FY2021 guidance
Origin Energy Limited (Origin) has provided the following update on earnings guidance for the year ended 30 June 2021 (FY2021), following an adverse outcome on a domestic gas contract price review, combined with a further deterioration in Energy Markets’ operating conditions.