The idea of transition has become central to the August earnings season. Transition out of COVID-19, and transition to a very different energy future. Here’s what we learnt this week.
Origin Energy plans to turn off units at its coal-fired power station for extended periods in a bid to keep its generation business profitable amid surge of renewables.
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Origin Energy takes a $2.2b hit as green shift hurts, coal costs bite
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Energy giant Origin has slashed $1.5 billion from the value of its business as the rapid influx of renewables drives down wholesale electricity prices, and increasing coal and gas costs pummel the profitability of its generation fleet.
Origin, one of the nation’s top power and gas suppliers, issued the writedown warning on Friday, along with a further $669 million one-off hit for a deferred tax liability at its Asia Pacific LNG joint venture, which produces natural gas in Queensland.