Origin Energy Limited (Origin) has released its Quarterly Report for the period to 31 December 2022, covering the performance of its Integrated Gas and Energy Markets divisions.

Integrated Gas:

Australia Pacific LNG production of 165.6 PJ was a 1 per cent decline compared to the prior quarter due to the cumulative impact of wet weather on well access.

FY2023 production range now expected to be 660 - 680 PJ.

Australia Pacific LNG revenue for the December quarter increased 15 per cent on the prior quarter and 42 per cent on the corresponding quarter in 2021, driven by higher realised oil prices. Origin share of revenue for the quarter was $876 million.

Three JKM-linked spot cargoes were delivered in the quarter.

December quarter Australia Pacific LNG realised prices were an average LNG price of US$15.94/mmbtu (contracted and spot) and an average domestic price of A$6.31/GJ (legacy and short-term).

Origin received $783 million in cash distribution from Australia Pacific LNG for the six months to 31 December 2022.

Energy Markets:

Total electricity sales volumes increased 4 per cent from the corresponding quarter in 2022, driven by higher business volumes as Origin won new customers.

Gas sales volumes remained relatively flat with higher business volumes on net new customer wins partly offset by lower gas demand for electricity generation.

Electricity and gas spot prices declined compared to the previous quarter, although they remain higher than the corresponding period a year earlier.

96 per cent of all retail electricity and gas customer accounts have been migrated to Kraken as at 31 December 2022.

Origin CEO Frank Calabria said, 'For the December quarter, Australia Pacific LNG delivered increased revenue as a result of higher realised oil prices, while wet weather and an unplanned non-operated downstream outage resulted in a small decline in production.

'Australia Pacific LNG continued to be a major supplier to the domestic market, providing Australian businesses with 31.6 PJ of gas during the quarter, at average prices well below those paid by international customers.

'In Energy Markets, customer sales volumes increased for both electricity and gas compared to the prior corresponding quarter, as Origin won new business customers.

'Average NEM spot wholesale electricity prices have moderated from their elevated peak in 2022, due to lower demand and improved output from coal and renewable generation, although prices are still higher than the same time last year.

'Almost all of our retail customers have been migrated to the market-leading Kraken platform, enabling superior customer experience at a lower cost to serve,' Mr Calabria said.

(C) 2023 Electronic News Publishing, source ENP Newswire