Origin Energy posts higher Q1 revenue on rising gas prices
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The news: Origin Energy reported a rise in revenue during the September quarter as the average price for liquified natural gas (LNG) climbed year on year.
The numbers: Origin reported Australia Pacific LNG revenue of $2.638 billion in the September quarter, 1% higher than the previous quarter and 12% higher year over year. Production lowered 1% compared to the previous quarter and the prior corresponding period.
Origin's average realised LNG price was USD11.95 ($18.18) per million British thermal units, up 2% quarter over quarter and 3% year over year. The average realised domestic gas price was USD9.59 per gigajoule, up 3% quarter over quarter and 19% year over year.
Electricity sales volumes increased 3% compared to the previous corresponding period, reflecting growth in retail customers and higher demand. Natural gas sales were flat year over year, as higher retail sales and gas-to-generation were offset by a decrease in business volumes.
Elsewhere, Origin's part-owned British renewable energy company Octopus Energy added 600,000 customer accounts in the UK and international retail businesses during the quarter.
Origin shares lowered 0.5% to $9.46 by 10:30am AEDT.
The context: Origin noted a "step change" in the company's investment in renewables and storage, with construction progressing on large-scale batteries at the Eraring and Mortlake power stations.
Origin is also progressing its Yanco Delta Wind Farm development project in New South Wales, while also assessing a range of other earlier stage renewable development opportunities, the company said.
The source: ASX announcement
