Origin Energy Limited (Origin) has released its Quarterly Report for the period to 31 March 2019, covering the performance of both the Integrated Gas and Energy Markets businesses.
Integrated Gas: another record quarterly revenue from Australia Pacific LNG
- Australia Pacific LNG delivered its highest-ever quarterly revenue of $763.9 million (Origin Share), an increase of 53 per cent compared to the same quarter in 2018.
- Origin’s share of production was stable at 63 PJ.
- A total of 33 LNG cargoes were loaded and shipped from Australia Pacific LNG.
Energy Markets electricity volumes up over summer, more gas directed to generation
- Electricity sales volumes up 7 per cent on the previous quarter driven by higher retail demand over summer, which was partially offset by lower Business volumes.
- Natural gas sales decreased 10 per cent on the prior quarter, reflecting seasonal demand and the ending of short-term wholesale contracts in Queensland. This decline in sales was partly offset by more gas utilised in generation.
Origin CEO Frank Calabria said, “Australia Pacific LNG continues to deliver strong earnings with record revenue during the quarter. This result was driven by continued reliable operational performance and higher realised commodity prices.
“In the Energy Markets business, our power stations performed solidly over the summer and were ready and available during heatwave conditions which occurred across much of the country in January and again in March.
“While gas sales to wholesale customers declined in the quarter, we directed additional gas to generation where it helped to meet peak summer demand in the electricity market.
“During the March quarter, Origin announced the acquisition of OC Energy to grow our Centralised Energy Services business and also made a minority equity investment in Intertrust Technologies, to build capability in and deliver digitally enabled customer solutions,” Mr Calabria said.