LNG price saves Origin

BETTER-THAN-EXPECTEDLNG pricing and production helped Origin Energy avoid any fallout from tepid gas markets in the June quarter, while electricity sales fell as the COVID-19 pandemic saw big industrial users curb their volumes.

Revenue from Origin’s Australia Pacific LNG business in Queensland dipped 3 per cent to $610m compared with the March quarter, while income for the 2020 financial year fell 5 per cent to $2.64bn on the prior 12-month period. Origin received a record $1.275bn annual cash distribution from APLNG, which was nearly a third higher than last year’s $974m payout.

Origin chief executive Frank Calabria said COVID-19 had impacted natural gas and electricity demand and some residential and small to medium enterprise customers were facing financial difficulties.