Higher energy prices led Origin Energy (ASX:ORG) to report an increase in revenue during the March quarter despite wet weather impacts.
Its Australia Pacific LNG business in Queensland increased revenue by 15 per cent during the quarter, while financial year to date revenue increased by 104 per cent, driven by higher oil and gas prices.
However, production during the quarter was down 4 per cent from the prior quarter, primarily due to the wet weather impacts and two fewer days in the quarter.
“Australia Pacific LNG was able to capitalise on strong commodity prices, shipping seven JKM-linked spot cargoes during the quarter, with a further four sold into the tight Asian LNG market for delivery in the coming months,” said chief executive officer Frank Calabria.
Meanwhile, electricity sales volume increased by 7 per cent during the quarter. It said a 16 per cent increase in business volumes due to net customer wins, more than offset a 4 per cent decrease in retail volumes due to lower usage. Gas sales volumes increased 2 per cent on March 2021 quarter.
“In energy markets, customer wins in the business segment drove an increase in volumes, more than compensating for a small drop in retail demand as the wet summer experienced by much of the east coast resulted in mostly milder temperatures and lower consumer demand.”
“Wholesale prices across the NEM have risen significantly compared with the prior period driven by higher coal prices, lower solar output associated with the La Nina summer and baseload outages across the NEM.”
Shares in Origin Energy (ASX:ORG) are trading 2.4 per cent higher at $6.87.