Australia’s second biggest power generator, Origin Energy has bettered its half-year earnings forecasts with a 24% profit jump on the back of strong LNG sales.
The $924 million underlying profit which the company plans to invest in renewables ahead of the closure of Australia’s largest coal-fired power plant, Eraring, in 2027.
Related article: AGL leans into transition with 1.4GW battery project pipeline
Origin, like rival AGL Energy, is boosting its investments in battery storage to firm renewables as it transitions from coal-fired generation, flagging $1.7 billion for large-scale batteries this financial year ending June 30.
Origin CEO Frank Calabria said, “We are making meaningful progress towards our target of adding 4-5GW of renewables and storage to our portfolio by 2030.
“We are progressing a portfolio of wind projects including our priority development, Yanco Delta (NSW), and have committed approximately $1.7 billion to owned battery storage projects, as well as contracting the offtake from the Supernode and Summerfield batteries.”
Origin’s largest battery development, the Eraring battery, was recently approved for stage 3, resulting in the largest total dispatch duration of a battery project under construction in the Southern Hemisphere.
Related article: Origin bumps Eraring Battery up to massive 700MW/2.8GWh
“Origin remains well-placed to benefit from the energy transition given our diverse portfolio, leading customer position and access to international growth through our investment in Octopus Energy,” Calabria said.
“Continued execution of our strategy, while remaining focused on cost reduction initiatives, positions Origin to create sustained value for our shareholders and good outcomes for our customers, communities, and planet.”
