Origin Energy defends complex switch to renewables, gas

Sydney Morning Herald10-16

Origin Energy is pumped on gas being a key part of the energy transition but faces a push by China for lower prices for Australian LNG."We continue to have really strong medium- to long-term ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2475464772?lang=en_US&edition=fundamental","thumbnail":"https://images.perthnow.com.au/publication/C-16409872/36976345b30745f26ecc37eaf26299166dbd8718-16x9-x0y0w1280h720.jpg","is_english":true,"pubTime":"2024-10-16 09:08","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2475464772","market":"hk","top_or_hot":-1,"title":"Origin Energy defends complex switch to renewables, gas","media":"Sydney Morning Herald","content":"<div>\n<p>Origin Energy is pumped on gas being a key part of the energy transition but faces a push by China for lower prices for Australian LNG.\"We continue to have really strong medium- to long-term ...</p>\n\n<a href=\"https://www.perthnow.com.au/business/origin-energy-defends-complex-switch-to-renewables-gas-c-16409872\">Source Link</a>\n\n</div>\n","source":"perthnow_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Origin Energy defends complex switch to renewables, gas</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOrigin Energy defends complex switch to renewables, gas\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-16 09:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.perthnow.com.au/business/origin-energy-defends-complex-switch-to-renewables-gas-c-16409872><strong>Sydney Morning Herald</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Origin Energy is pumped on gas being a key part of the energy transition but faces a push by China for lower prices for Australian LNG.\"We continue to have really strong medium- to long-term ...</p>\n\n<a href=\"https://www.perthnow.com.au/business/origin-energy-defends-complex-switch-to-renewables-gas-c-16409872\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"XAO.AU","symbol_name":"标普/澳交所 普通股指数","start_time":0,"source_url":"https://www.perthnow.com.au/business/origin-energy-defends-complex-switch-to-renewables-gas-c-16409872","article_id":"2475464772","we_media_id":null,"thumbnails":["https://images.perthnow.com.au/publication/C-16409872/36976345b30745f26ecc37eaf26299166dbd8718-16x9-x0y0w1280h720.jpg"],"rights":{"source":"perthnow_stock","url":"https://www.perthnow.com.au/business/origin-energy-defends-complex-switch-to-renewables-gas-c-16409872","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2475464772","pubTimestamp":1729040930,"sourceInfo":{"source_id":"perthnow_stock","name":"PerthNow"},"weMediaInfo":null,"summary":"As China pushes for cheaper Australian LNG, shareholders of energy retailer and east coast gas producer Origin Energy have been warned of a \"messy\" transition.","collect":0,"end_time":0,"defaultTopTitle":"perthnow.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"XAO.AU":"标普/澳交所 普通股指数","BK7006":"电力公用事业","BK7130":"综合性石油与天然气企业","BK7507":"资源股","XJO.AU":"标普/澳交所 200指数","XKO.AU":"标普/澳交所 300指数","ORG.AU":"ORIGIN ENERGY LTD"},"translate_title":"Origin Energy捍卫向可再生能源和天然气的复杂转变","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ORG.AU":1,"XAO.AU":0.9,"XJO.AU":0.9,"XKO.AU":0.9},"content_text":"Origin Energy is pumped on gas being a key part of the energy transition but faces a push by China for lower prices for Australian LNG.\"We continue to have really strong medium- to long-term conviction that LNG will play an important role in the energy transition,\" chair Scott Perkins told shareholders on Wednesday at the annual general meeting in Sydney.He confirmed customer and significant shareholder Sinopec had triggered a price review of its long-term LNG contract, with any change to be effective from January 1, but declined to comment further.Amid ongoing high prices for oil and gas, Mr Perkins defended the sale of a 10 per cent stake in Australia Pacific LNG (ALNG) to Sinopec three years ago for a mere $2 billion.Origin-operated ALNG, which became 25 per cent owned by China's Sinopec, is a major exporter to Asia and the largest producer of gas in the east-coast gas market.\"We decided to sell down our stake at a time where the balance sheet had very little room to manoeuvre and we needed to start making some urgent progress on the renewables front,\" Mr Perkins said.Origin was \"very pleased\" with ALNG's performance since then, particularly its globally cost-competitive position, he said.Shareholders of Australia's largest energy retailer were also warned of a \"messy\" transition to renewables that would not involve Origin investment in green hydrogen.\"The enormity of the task is stark,\" Mr Perkins said.Higher earnings from energy markets and gas may be driving higher dividends but transmission and renewable generation projects have been hamstrung by delays in approval and construction, he said.Mr Perkins said the transition needed to accelerate even further to allow the exit of coal and meet emissions targets set by governments, supported by regulatory certainty.Output from the Eraring coal-fired power station hit its highest level in five years after a deal with the NSW government to postpone its exit from the electricity grid.But Origin was \"well-placed\" for the transition to solar, wind and big batteries, supported by fast-start gas power plants, he said.He also defended the recent decision to walk away from costly green hydrogen and focus on wind, solar and batteries.In contrast, risks for the big battery being built on the Eraring site in the Hunter Valley and 1.5-gigawatt Yanco Delta wind farm - both located next to existing transmission - were more manageable, he told shareholders.\"This is no longer a debate about technologies - we need to focus on execution,\" he said.Chief executive Frank Calabria reaffirmed earnings guidance issued in August for the 2025 financial year, supported by strong gas production and cashflow from Australia Pacific LNG.Origin expected underlying earnings of $1.1 billion to $1.4 billion for the energy markets division and a higher contribution from Octopus Energy in the UK of $100 million-$200 million.ALNG production was forecast at 685-710 petajoules, while LNG trading earnings were expected to be $400 million-$500 million.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2475464772"}