Origin Energy has reported an increase in revenue for the September quarter, driven by higher average prices for liquefied natural gas (LNG) compared to last year.
In numbers, Origin’s Australia Pacific LNG revenue reached $2.638 billion for the quarter, marking a 1% rise from the previous quarter and a 12% increase year on year. However, production decreased by 1% compared to both the last quarter and the same period last year.
The average realized price for LNG was US$11.95 ($18.18) per million British thermal units, up 2% from the previous quarter and 3% from last year. Meanwhile, the average domestic gas price rose to US$9.59 per gigajoule, an increase of 3% quarter over quarter and 19% year over year.
Electricity sales grew by 3% compared to the same period last year, driven by more retail customers and higher demand. However, natural gas sales remained flat year on year, as increased retail sales and gas used for electricity generation were balanced out by lower business sales.
In other developments, Origin’s stake in British renewable energy company Octopus Energy grew, adding 600,000 customer accounts in the UK and international markets during the quarter.
By 10:30 AM AEDT, Origin’s shares had dipped 0.5% to $9.46.
In terms of future plans, Origin highlighted a significant increase in its investments in renewable energy and storage. Construction is underway on large-scale battery projects at the Eraring and Mortlake power stations. The company is also advancing its Yanco Delta Wind Farm development in New South Wales and exploring various early-stage renewable opportunities.
Related Topics:
- Will a Carbon Monoxide Detector Detect a Natural Gas Leak?
- Is Liquefied Natural Gas a Fossil Fuel?
- Is Liquefied Natural Gas (LNG) Safe? A Comprehensive Exploration