Origin Energy Limited (Origin) has released its Quarterly Report for the period to 31 December 2018, reviewing the performance of both the Integrated Gas and Energy Markets businesses.
Integrated Gas: a record quarterly revenue from Australia Pacific LNG
· Australia Pacific LNG delivered its highest ever quarterly revenue of $741 million (Origin share), an increase of 45% compared to the same quarter in 2017.
· Origin’s share of production was stable over the quarter at 63 PJ.
· A total of 32 LNG cargoes were loaded and shipped.
· Origin received net cash distributions of $393 million from Australia Pacific LNG during the first half of FY2019.
Energy Markets electricity and gas sales in line with seasonal demand
· Both electricity and natural gas sales volumes decreased compared to the previous quarter, in line with seasonal demand.
· Electricity volumes of 8.7 TWh decreased from 9.2 TWh in the December 2017 quarter, reflecting lower usage and customer numbers.
· Natural gas volumes of 65 PJ were 1% higher than the December 2017 quarter, reflecting new short-term business sales offset by lower sales to generation.
Origin CEO Frank Calabria said, “Both our Integrated Gas and Energy Markets businesses delivered a solid operational performance in the December quarter.
“Australia Pacific LNG benefited from both higher commodity prices and favourable movements in the exchange rate, while continuing to operate reliably at steady-state production levels.
“In line with seasonal demand, electricity and natural gas sales volumes in the Energy Markets business were lower over the period. We invested capital in our generation fleet to maintain reliable supply to the market over the summer months. Eraring, which is critical to power supply in NSW, had a major overhaul of one of its units, and we are also in the process of updating a unit at Quarantine Power Station to aero-derivative fast-start capability to allow more responsive operations,” Mr Calabria said.