Origin Energy reports fall in March quarter revenue, volumes
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The news: Australia’s top energy retailer and gas producer Origin Energy has posted a drop in March quarter volumes and revenue.
The numbers: Quarterly revenue at its integrated gas business was down 8% from a year ago to $2.55 billion, despite a 6% rise in sales volumes to 167.6 petajoules. Natural gas sales volumes at its main energy markets business were down 7% at 35.5 petajoules, while electricity sales eased 2% to 8.9 terawatt hours.
Origin shares were down 0.5% at 9.68 in early trading on the ASX.
The context: The company attributed the decline in integrated gas revenue to lower realised oil prices and lower short-term domestic contract prices, although it recorded gains on a sequential basis after production recovered at its Australia Pacific LNG (APLNG) project in Queensland.
Retail electricity sales volumes were steady compared from a year earlier, with increased demand from warmer weather and higher customer numbers offset by lower household usage due to solar uptake and energy efficiency. Gas used for power generation rose, thanks to increased electricity demand due to warmer weather, Origin said.
The source: ASX announcement
