Origin Energy (ASX: ORG) is a leading Australian integrated energy company with market leading positions in energy retailing (approximately 4.2 million customers), power generation (more than 6,000 MW of capacity owned and contracted) and natural gas production (1,204 PJ of 2P reserves and annual production of 75 PJe). Origin is the upstream operator of Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, which is Australia’s biggest CSG to LNG project based on the country’s largest 2P CSG reserves base.
Origin recognises that climate change is a global challenge and unequivocally supports measures to progressively reduce carbon emissions. They support the international target to limit global warming to no more than two degrees Celsius and note the strong intention of the Paris Agreement to pursue efforts to a 1.5 degree scenario. They support Australia’s announced 2030 target as a minimum goal for the nation and believe that greater ambition is possible over time. They support the progressive decarbonisation of the electricity sector in Australia and an eventual goal of net zero emissions for the electricity sector by 2050 or earlier.
Origin also aspires to be the number one renewable and low carbon energy company in Australia. Origin is the largest contractor of large scale solar and one of the largest installers of solar systems in Australia.
Origin’s generation portfolio has no exposure to high-emissions brown coal. They have one black coal fired generation asset, the Eraring Power Station in NSW. Its carbon intensity is lower than half of the large (>400 MW) coal fired power stations in Australia and it has a higher degree of flexibility to operate in a volatile market. Its closure has been foreshadowed as part of the transition away from coal-fired power. The timing depends on the speed of Australia’s transition to a low carbon economy, which Origin believe to be in the mid 2030s at the latest, and possibly earlier depending on Australia’s transition path in response to the Paris Agreement. Further details of Origin’s portfolio can be found in their Sustainability Report https://www.originenergy.com.au/about/sustainability.html