Origin Energy’s performance of its Integrated Gas, Energy Markets and Octopus Energy segments has gone through the roof.
“Australia Pacific LNG continued to perform strongly, boosting production for the first half of FY2024 compared with a year earlier, benefiting from effective well and field optimisation activities and fewer maintenance disruptions,” Origin chief executive officer Frank Calabria said.
The company saw production rebound to a daily record by mid-December, following the turndown due to the LNG vessel that lost power at Curtis Island in late November.
In Energy Markets, warmer weather and new customer wins drove an increase in electricity sales volumes, while there was lower demand for gas for heating during the period.
“We achieved further progress on our strategy to grow renewables and storage in our portfolio with the approval of a $400 million investment to construct a large-scale battery at Mortlake Power Station,” Calabria said.
The company also made a further investment in Octopus Energy to lift its interest as the company continues to grow rapidly and expand the global licensing of its Kraken platform.
“We have concluded the price review with Beach Energy on our gas sales agreement, resulting in a very pleasing outcome for our portfolio, and also executed a new agreement to purchase additional volumes from the Enterprise field in the Otway Basin from CY2024 to CY2026, supporting our gas portfolio to continue meeting the needs of customers over the years ahead,” Calabria said.
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