Progress on our commitments
In response to significant challenges this year, Origin’s focus has been on maintaining reliable energy supply, keeping our people safe, and supporting our customers and communities. Against this backdrop, Origin’s underlying business performance continued to improve across the year, driving growth in free cash flow, which allowed further debt reduction, disciplined investment in growth opportunities and distributions to shareholders.
Origin delivered a stable underlying profit of $1,023 million in FY2020, and our capital structure continued to improve, with adjusted net debt of $5,158 million at 30 June 2020.
Through our Integrated Gas business, strong field production helped drive record production for Australia Pacific LNG and a record cash distribution to Origin of $1,275 million. In Energy Markets, electricity gross profit was lower following the introduction of retail price regulation, while we were able to utilise the flexibility of our generation fleet and wholesale gas portfolio to adapt to the reduced demand caused by the pandemic. Importantly, our focus on a safety culture based on learning has yielded strong improvements this year.
Our Total Recordable Injury Frequency Rate (TRIFR) reduced to 2.6, from 4.4 the previous year.
In keeping with our commitment to progressively decarbonise our business, we have announced a new short-term target to reduce our Scope 1 emissions by 10 per cent on average between FY2021 and FY2023. This reduction will be done from an FY2017 baseline. Our commitment remains to halve our Scope 1 and Scope 2 emissions by 2032 and we are aiming to achieve net-zero emissions across the business by 2050.