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Origin Energy releases report for 1Q19

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LNG Industry,

Origin Energy Ltd has released its report for 1Q19, covering the performance of both the Integrated Gas and Energy Markets businesses.

Regarding the Integrated Gas business, Origin reports that Australia Pacific LNG (APLNG) delivered its highest ever quarterly revenue of AUS$763.9 million. This is an increase of 53% compared to 1Q18. Origin’s share of production was stable at 63 PJ. According to the statement, a total of 33 LNG cargoes were loaded and shipped from APLNG.

Regarding the Energy Markets business, Origin reports that electricity sales volumes were up 7% on the previous quarter due to higher retail demand over summer, which was partially offset by lower business volumes. In addition to this, Origin reports that natural gas sales fell by 10% compared to the previous quarter, reflecting seasonal demand the ending of short-term wholesale contracts in Queensland. Origin claims that this decline in sales was partially 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.”

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