Origin Energy Reports 11% Drop in Australia Pacific LNG Revenue, Electricity Sales Rise 1%

Reuters
30 Apr
Origin Energy Reports 11% Drop in Australia Pacific LNG Revenue, Electricity Sales Rise 1%

Origin Energy Limited has released its Quarterly Report for the period ending 31 March 2025, detailing performance across its Integrated Gas, Energy Markets, and Octopus Energy segments. In the Integrated Gas segment, revenue from Australia Pacific LNG fell by 11% compared to the prior quarter, amounting to $2.427 billion. This decline was attributed to lower LNG volumes and prices, with average LNG prices realized at US$11.31/mmbtu. Despite this, March quarter production remained consistent with FY25 guidance. In the Energy Markets segment, electricity sales volumes saw a modest increase of 1% compared to the March 2024 quarter. Gas volumes experienced a significant rise of 13%, driven by higher business volumes, although there was a reduction in gas used for generation due to the Pelican Point contract roll-off and decreased demand for gas generation. Octopus Energy, Origin's retail arm, reported a growth of more than 674,000 net customer accounts during the quarter across the UK and international markets, solidifying its position as the UK's largest energy retailer with 7.5 million customers and over 2.3 million customers internationally. Additionally, Origin has made notable progress in its renewable energy projects. The Yanco Delta Wind Farm development project in southern New South Wales secured approximately 1.5 GW of transmission access rights, marking a key milestone in its development. Consequently, Origin anticipates paying an additional acquisition cost of $175 million in Q4 FY25 for this project.

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