FX.co ★ Origin Energy : March Quarter Australia Pacific LNG Revenue Down 8%

Origin Energy Limited, listed as ORG.AX and OGFGF.PK, has announced that its revenue from Australia Pacific LNG in the first quarter was down by 8% compared to the previous year, reaching A$2.553 billion.

During the same period, the production of the Australia Pacific LNG increased by 7% up to 176.2 PJ as compared to the previous year.

Origin noted that retail electricity sales volumes remained steady compared to the first quarter of 2023. This consistency resulted from increased demand due to warmer weather and an increased customer base, despite a decrease in household usage arising from increased reliance on solar energy and improved energy efficiency.

Conversely, gas sales volumes decreased by 14% compared to the first quarter of 2023. This decrease is attributed to warmer weather resulting in reduced retail volumes. Business volumes also showed a decline, indicated by lower short term trading sales and customer losses.