EnergyOrigin Energy asked to pay Beach more for gas supply, shares slump
ReutersArundhati DuttaShruti Sonal
3 minutes read
The logo of Australian energy company Origin is pictured in Melbourne, Australia, July 3, 2016. REUTERS/Jason Reed
Australia s Origin Energy Ltd (ORG.AX) cut its annual profit guidance for energy markets on Friday, after an arbitrator ordered it to pay Beach Energy (BPT.AX) more for gas supply following a contract price review.
Origin shares fell nearly 9% to hit their lowest in more than five months while Beach Energy climbed more than 6% to touch a two-month high, following the news on gas supply pricing from Beach Energy s Otway Basin fields.