Origin Energy Limited (Origin) has released its Quarterly Report for the three months to 30 September 2018, which discusses the performance of both the Integrated Gas and Energy Markets businesses.
Integrated Gas revenue increased by 12% due to higher commodity prices
· Australia Pacific LNG continues to operate well, with Origin’s share of production steady at 64.3 PJ for the quarter.
· Revenue increased strongly due to higher commodity prices, with Origin’s share of revenue of $640 million representing a 12% increase on the prior quarter.
· Revenue increased by 35% when compared to the prior corresponding quarter in September 2017.
· A total of 29 LNG cargoes were loaded and shipped for the quarter.
Energy Markets electricity and natural gas sales higher due to seasonal demand
· Electricity sales of 9.5 TWh represented a 4% increase on the prior quarter.
· Natural gas sales of 82.2 PJ reflected a 6% increase on the prior quarter
· Gas sales to retail and business customers increased by 18% and 25% respectively reflecting seasonal demand and new short term contracts in Queensland, partially offset by less internal sales to generation.
Origin CEO Frank Calabria said, “The strong performance of our Integrated Gas and Energy Markets businesses has continued in the first quarter of FY2019.
“Australia Pacific LNG continues to produce at steady rates, allowing it to meet its LNG contract commitments and deliver large volumes of gas into the east coast domestic market, while higher realised prices delivered a strong uplift in revenue for the quarter.
“In our Energy Markets business, sales of electricity and gas were both up for the quarter which reflected higher seasonal demand, and we also continued to grow gas sales to business customers,” Mr Calabria said.