Origin Energy
Origin Energy Limited is an integrated energy company headquartered in Sydney, Australia, engaged in the exploration and production of natural gas, electricity generation from diverse sources including gas-fired plants and wind farms, and the retail supply of electricity, natural gas, LPG, solar solutions, and broadband services to residential and business customers across the country.[1][2][3]
Formed on 18 February 2000 through the demerger of Boral Limited's energy business, which included assets like the South Australian Gas Company, Origin has expanded via acquisitions such as the Uranquinty Power Station in 2008 and the Cullerin Range Wind Farm, establishing itself as Australia's largest retailer of renewable energy with over 330,000 wind energy customers and 360,000 solar PV accounts.[4][5][6]
The company reported revenue of approximately A$17.2 billion and a statutory profit of A$1.48 billion for the fiscal year ended 30 June 2025, driven by strong performance in its liquefied natural gas export business through Australia Pacific LNG, though its CEO has cautioned that Australia's shift to lower-emissions energy may prove costlier and slower than public expectations due to infrastructure and supply chain realities.[7][8]
While Origin pioneered global commitments to business sustainability pledges in 2015 and set science-based emissions targets, it has encountered regulatory scrutiny, including a A$17.6 million fine in 2025 for admitted breaches of Victorian energy marketing rules affecting hundreds of thousands of customers and environmental pushback over fracking in the Beetaloo Basin.[9][10][11]
History
Founding and Early Expansion (2000–2010)
Origin Energy was established on February 14, 2000, through the demerger of Boral Limited's energy business, which encompassed natural gas exploration and production, electricity retailing, and power generation assets.[12] [4] The demerger separated these operations from Boral's building and construction materials division, creating a focused integrated energy company headquartered in Sydney, Australia.[13] Shares of the new entity began trading on the Australian Securities Exchange on February 21, 2000, marking the start of independent operations with an initial emphasis on leveraging existing gas reserves and retail customer bases in eastern Australia.[14] In the early 2000s, Origin pursued geographic and operational expansion, acquiring electricity retailer licenses in Victoria from distributors Powercor and CitiPower between 2001 and 2002 to broaden its retail footprint beyond New South Wales and Queensland.[15] This move facilitated entry into competitive retail markets amid Australia's deregulating energy sector. By 2002, the company evaluated capacity upgrades, including plans to double output at the Quarantine Power Station in Sydney, targeting completion by mid-2004 to meet rising demand.[16] A significant infrastructure milestone came in 2004 with the commissioning of the SEA Gas Pipeline on January 1, a 687 km natural gas line from Victoria's Otway Basin to South Australia, in which Origin held a foundational ownership stake to secure supply for generation and retail.[17] [18] Throughout the mid-to-late 2000s, Origin intensified upstream investments and generation capacity, completing expansions at the Mount Stuart Power Station (adding 126 MW) and Quarantine (120 MW) while acquiring the 640 MW Uranquinty Power Station in New South Wales.[19] In renewables, it commissioned the 30 MW Cullerin Range Wind Farm in 2010, reflecting early diversification amid growing emphasis on lower-emission sources, with cumulative investments exceeding hundreds of millions since 2000.[19] [20] Exploration efforts expanded notably in 2009 with the $661 million acquisition of coal seam gas permit ATP 788P in Queensland's Surat Basin, alongside majority ownership of the Otway gas field, positioning the company for long-term gas supply growth.[21] [22] These steps solidified Origin's integrated model, with retail customers surpassing 3 million by decade's end and upstream assets supporting baseload power.[14]Major Projects and Growth (2011–2019)
In 2011, Origin Energy achieved significant scale by acquiring the retail businesses of Country Energy and Integral Energy from the New South Wales government, incorporating 1.6 million customer accounts and positioning the company as Australia's largest integrated energy provider by customer base.[5] This expansion bolstered its energy retailing segment amid rising demand in eastern Australia, while upstream efforts intensified through the establishment of the Australia Pacific LNG (APLNG) joint venture, partnering with ConocoPhillips (47.5% stake) and Sinopec (47.5% stake), with Origin holding the remaining interest.[15] The APLNG initiative targeted coal seam gas extraction from Queensland's Surat and Bowen Basins for liquefaction and export, marking a pivotal shift toward export-oriented growth. The APLNG project, one of Australia's largest resource developments with a total investment of $24.7 billion, encompassed upstream gas fields, 750 kilometers of transmission pipelines, and a 7.8 million tonnes per annum LNG facility on Curtis Island near Gladstone.[23] Development accelerated post-2011 following environmental approvals, with construction peaking mid-decade; domestic gas supply began in late 2015, followed by the inaugural LNG export cargo on January 9, 2016, to Asia under long-term offtake agreements.[5] This milestone diversified Origin's revenue streams, with APLNG contributing substantially to integrated gas earnings through equity production averaging over 50 petajoules equivalent annually by 2016, though it also exposed the company to commodity price volatility and execution risks in large-scale infrastructure.[24] Renewables and exploration complemented fossil fuel expansions during this era. Building on 2010 planning approval for up to 157 turbines (approximately 530 MW capacity), the Stockyard Hill Wind Farm in Victoria advanced toward construction, with Origin securing a long-term power purchase agreement in 2017 before divesting the project to Goldwind for AUD$110 million to focus core operations.[25] [26] In upstream diversification, Origin commenced shale gas exploration in the Northern Territory's Beetaloo Basin in 2014, securing permits spanning 18,500 square kilometers to assess unconventional resources amid domestic supply concerns.[27] These initiatives drove overall portfolio growth, with total external revenue rising from $12.1 billion in FY2011 to $14.7 billion in FY2019, underpinned by APLNG's ramp-up despite challenges like cost overruns and market fluctuations.[28]Recent Strategic Shifts (2020–present)
In May 2020, Origin Energy formed a strategic partnership with UK-based Octopus Energy, acquiring a 20% equity stake for A$507 million to integrate advanced retail technology, enhance customer solutions, and support international expansion in low-emissions energy markets.[29] This included licensing Octopus's proprietary customer relationship management platform for deployment in Australia, with additional investments following: £36 million in December 2020 and an increase to 23% stake via £280 million in December 2023 at a pre-money valuation of £5.6 billion.[30][31] The collaboration has contributed to Origin's FY2025 results, with its share of Octopus's underlying EBITDA projected at $0–$150 million, driven by UK retail growth and technology synergies.[32] A 2022 strategy refresh reinforced Origin's three pillars—unrivalled customer solutions, stronger integrated energy, and leading the energy transition—prioritizing net zero Scope 1 and 2 emissions by 2050 while leveraging natural gas as a bridge fuel.[33][34] This encompassed a five-pillar decarbonization framework: exiting coal-fired generation by 2032, expanding renewables and storage to 4–5 GW by 2030, reducing integrated gas emissions, advancing customer-facing solutions, and policy advocacy.[9] Key renewables initiatives include the Yanco Delta wind farm in New South Wales as a priority development and securing transmission rights for associated projects, alongside 700 MW in long-term power purchase agreements for wind and solar.[35][32] Origin reaffirmed its medium-term emissions targets unchanged from 2022 levels in its 2025 Climate Transition Action Plan, emphasizing empirical progress in portfolio emissions intensity reduction.[36][37] For legacy thermal assets, Origin accelerated retirement plans for the 2,880 MW Eraring coal-fired power station, initially set for August 2025—seven years ahead of its original license—amid grid reliability concerns and renewables integration challenges.[38] In May 2024, Origin negotiated an extension with the New South Wales government to operate until August 2027, with state underwriting of potential financial losses to maintain supply stability during the transition.[39] Concurrently, the company advanced site repurposing, including construction of a 700 MW battery energy storage system to store renewable output and replace coal dispatch.[35] By FY2025, Eraring supplied up to 25% of NSW demand, generating 14,157 GWh, underscoring its interim role in balancing intermittency as renewables scale.[40] These shifts reflect Origin's causal focus on reliable baseload during the transition, informed by Treasury modeling projecting 80% renewables investment growth to 2050, while critiquing policy delays in transmission and storage deployment.[41]Business Operations
Integrated Gas Segment
The Integrated Gas segment represents Origin Energy's upstream activities in natural gas, including a 27.5% equity stake in the Australia Pacific LNG (APLNG) joint venture, exploration interests in select basins, and LNG price risk management through hedging and trading.[42] This segment focuses on supplying natural gas for domestic use and LNG export, contributing significantly to group earnings; in the fiscal year ended 30 June 2025, it reported underlying EBITDA of A$2,202 million, up A$251 million from the prior year, driven by higher LNG trading gains offset by production declines and hedging costs.[32] Operations emphasize coal seam gas (CSG) development, with APLNG as the core asset amid a broader strategy to manage field maturation and transition risks.[43]Natural Gas Exploration and Production
Origin Energy's natural gas exploration and production primarily occur through operated assets in Queensland's Surat and Bowen Basins, where CSG resources are extracted, processed, and transported via gathering systems and pipelines.[23] The company holds exploration permits in the Cooper-Eromanga Basin spanning Queensland and South Australia, though these have seen limited advancement following a 2022 decision to exit shale gas pursuits and review conventional opportunities, prioritizing mature fields over high-risk expansion.[44] In 2017, Origin divested its conventional upstream oil and gas business, Lattice Energy, to Beach Energy for A$1.59 billion, streamlining focus toward CSG and LNG-linked production.[45] Production volumes for fiscal year 2025 totaled 693.7 petajoules, a 2% decline from the previous year due to natural field depletion in operated and non-operated assets, with costs averaging A$4.20 per gigajoule.[43] Guidance for fiscal year 2026 projects 635–680 petajoules, reflecting ongoing declines absent major new developments.[43] Upstream operations include water treatment facilities and compression to optimize gas flow, supporting both export commitments and domestic supply amid Australia's LNG export growth.[46]Australia Pacific LNG Project
Australia Pacific LNG (APLNG) is a CSG-to-LNG project sourcing gas from over 5,000 wells in Queensland's Surat and Bowen Basins, converting it into exportable LNG at a two-train facility on Curtis Island near Gladstone, with nominal capacity of 8.9 million tonnes per annum.[47] The joint venture partners are ConocoPhillips (47.5%, operator of the downstream LNG plant), Origin Energy (27.5%, upstream operator including fields, gathering, and the 540 km transmission pipeline), and Sinopec (25%).[47] Established in 2008, APLNG has delivered first LNG exports in 2015, securing long-term offtake contracts, including volumes to Sinopec under a pricing mechanism reviewed periodically.[46] In fiscal year 2025, APLNG produced 682 petajoules of gas, supporting stable revenues despite a May 2025 price review with Sinopec that reduced terms, lowering Origin's attributable EBITDA by A$55 million pre-tax.[48][49] The project generated A$797 million in franked dividends to Origin in FY25, underscoring its cash flow role, though production faces decline risks without replenishment, with environmental scrutiny over CSG water usage and basin impacts noted in independent assessments.[43][50]Natural Gas Exploration and Production
Origin Energy conducts natural gas exploration and production primarily through its Integrated Gas segment, operating upstream assets focused on coal seam gas in the Surat and Bowen Basins of Queensland. These activities encompass drilling production wells, managing surface facilities, gas gathering systems, and water treatment operations to support domestic supply and liquefied natural gas (LNG) feedgas.[46] The company has scaled back exploratory efforts in recent years, prioritizing production from established fields amid natural decline and strategic divestments. In fiscal year 2025 (ended June 30, 2025), Origin's attributable production totaled 188 petajoules (PJ), a 2% decrease from 191 PJ in fiscal 2024, attributed to underperformance in operated fields such as Condabri, Talinga-Orana, and certain non-operated assets.[32] Proven and probable (2P) reserves attributable to Origin stood at 2,737 PJ as of June 30, 2025, reflecting an increase of 82 PJ (3%) before production offset by 106 PJ of withdrawals.[32] These reserves, entirely unconventional, exceeded contractual commitments but faced a 44% replacement ratio for the year, indicating moderate replenishment amid ongoing field optimization.[32] Production guidance for fiscal 2026 projects 635–680 PJ on a 100% basis for associated joint ventures, signaling continued decline without significant new developments.[43] Historically, Origin pursued diverse upstream ventures, including conventional gas in the Cooper-Eromanga Basin and shale exploration in the Beetaloo Basin. In 2017, it divested its conventional oil and gas assets, including Cooper Basin interests, to Beach Energy for A$1.59 billion to reduce debt.[45] Further, in September 2022, Origin sold its 77.5% stake in Beetaloo Basin permits to Tamboran Resources and announced plans to exit most non-core exploration permits, citing a strategic pivot toward energy transition and away from high-risk shale plays.[51] By July 15, 2025, remaining Cooper-Eromanga interests (75% stake) were transferred back to Bridgeport, leaving minimal standalone production outside joint ventures.[32] Exploration persists in offshore assets like the Browse Basin (40% interest in WA-90-R and WA-92-R permits), though these remain undeveloped with no current production.[32]Australia Pacific LNG Project
The Australia Pacific LNG (APLNG) project extracts coal seam gas from the Surat and Bowen Basins in Queensland, processing it into liquefied natural gas at a two-train facility on Curtis Island near Gladstone for export primarily to Asia.[52][47] Origin Energy, holding a 27.5% equity interest in the joint venture as of 2022, serves as the upstream operator, managing gas field development, production from over 1,000 wells, and a 530 km gathering pipeline system.[53][54][55] ConocoPhillips operates the downstream LNG plant with a 47.5% stake, while China Petroleum & Chemical Corporation (Sinopec) holds 25%.[56][53] The venture originated in 2008 as a 50:50 partnership between Origin and ConocoPhillips to commercialize Origin's CSG assets, with Sinopec joining in 2011 via a US$3.5 billion investment for off-take rights and equity.[46] Final investment decision occurred in 2011, following approval of the environmental impact statement.[52] Total project cost reached A$24.7 billion, supported by debt financing and equity contributions.[23] First gas production began at Train 1 in December 2015, enabling the inaugural LNG cargo shipment on 9 January 2016; Train 2 followed in October 2016, achieving full commercial operations.[23][52][57] The facility's nameplate capacity totals 9 million tonnes per annum, with actual output rebounding in fiscal year 2023–24 (ended 30 June 2024) to exceed the prior year's volumes amid recovering gas prices and field performance.[58] Origin reduced its stake from 37.5% to 27.5% in February 2022 by divesting a 10% interest to EIG Partners for A$2.12 billion, retaining operational control upstream while monetizing non-core equity to fund renewables expansion.[59][60] APLNG contributes significantly to Origin's integrated gas earnings, generating A$681 million in revenue from Origin's share for the quarter ended 31 December 2024, though subject to price reviews like the May 2025 Sinopec adjustment resolving prior disputes over contract terms.[61][50]Energy Markets Segment
The Energy Markets segment of Origin Energy comprises the company's retailing, wholesaling, power generation, and liquefied petroleum gas (LPG) operations, primarily within Australia. It serves as one of the nation's largest energy retailers, supplying electricity and natural gas to residential and business customers, while also managing wholesale energy trading and a diverse generation portfolio that includes gas-fired peaking plants, coal-fired assets, and emerging renewables and storage facilities. As of June 2025, the segment supported 4,695,000 customer accounts, including 2,792,000 electricity, 1,338,000 natural gas, and 351,000 LPG accounts, reflecting a net increase of 104,000 accounts from the prior year driven by customer acquisition efforts amid rising electrification trends.[32] In fiscal year 2025 (ended June 30, 2025), the segment generated underlying EBITDA of $1,404 million, a decline of $251 million from $1,655 million in FY24, attributed to lower electricity and natural gas gross profits ($1,429 million and $593 million, respectively) partially offset by $50 million in cost reductions. External revenue reached approximately $16,745 million, supporting electricity sales volumes of around 36 terawatt-hours and natural gas sales of 161 petajoules, alongside LPG volumes of 331 kilotons. The generation portfolio totals 7.6 gigawatts, with owned capacity at 6,079 megawatts, including the Eraring Power Station—which produced 14.2 terawatt-hours in FY25 and has a delayed closure to August 2027—and investments in battery storage (e.g., Mortlake) and the 1.5-gigawatt Yanco Delta Wind Farm.[32][62] Strategically, the segment emphasizes operational efficiency, commodity price hedging, and the energy transition, with targets to expand zero-carbon generation capacity toward 4 gigawatts and integrate 1.7 gigawatts of battery storage to address National Electricity Market volatility. Cost-saving initiatives aim for $100–150 million in reductions by FY26, while renewables growth supports decarbonization without compromising reliability, as evidenced by high asset utilization rates. LPG operations continue domestically following the divestment of Pacific assets, focusing on distribution efficiency.[32][63]Energy Retailing
Origin Energy's energy retailing division operates as one of Australia's largest providers of electricity, natural gas, and liquefied petroleum gas (LPG) to residential, small business, and commercial customers, primarily in eastern Australia. The business serves approximately 4.7 million customer accounts, focusing on competitive pricing, bundled services, and integration with renewable energy solutions such as solar photovoltaic systems and virtual power plants.[64][65] In fiscal year 2025, the retailing segment reported strong organic growth, adding 104,000 customer accounts, supported by expanded offerings including high-speed internet bundles that grew by 44 percent year-over-year. This expansion reinforced Origin's position as Australia's leading energy retailer by customer base, with a market share exceeding 24 percent in electricity and gas combined.[7][32] Key features of the retailing operations include flexible energy plans with rewards programs, such as Everyday Rewards points and fuel discounts up to 10 cents per litre at EG Australia stations, alongside support for solar adoption through free installation quotes and participation in the Origin Loop virtual power plant, which enables battery storage and grid export for over 360,000 solar customers. The division also maintains one of the largest fleets of electric vehicle charging solutions and emphasizes customer service, evidenced by high satisfaction ratings on platforms like Trustpilot.[65][6]Electricity Generation
Origin Energy's electricity generation operations encompass a portfolio of primarily coal- and gas-fired power stations, contributing to a total owned and contracted capacity of approximately 7,000 MW as of recent reports. These assets supply baseload and dispatchable power to Australia's National Electricity Market, supporting energy retailing and wholesale trading activities. The fleet includes black coal, natural gas, and limited renewable contracted generation, with gas-fired stations forming the largest owned segment.[9][66] The Eraring Power Station, located near Lake Macquarie in New South Wales, represents the cornerstone of Origin's coal-fired generation. Operated by Origin under a long-term agreement with the New South Wales government since 2013, the facility features four 720 MW supercritical coal units commissioned between 1982 and 1984, plus a 42 MW diesel backup generator, for a combined capacity of 2,922 MW. This makes Eraring Australia's largest single coal-fired power station by capacity. In 2025, Origin continued investments in infrastructure, including a new coal unloading facility to diversify fuel sources and enhance operational flexibility amid aging asset challenges. The station's output remains critical for grid stability, with high availability rates supporting peak demand periods.[39][67][32] Origin maintains the largest portfolio of natural gas-fired power stations in Australia, totaling around 3 GW across six facilities: one baseload plant and five peaking units designed for rapid response to demand spikes. Key assets include the Darling Downs Power Station in Queensland, a combined-cycle gas turbine facility with a capacity of approximately 630 MW, operational since 2010 and providing continuous power using local gas resources. Peaking stations such as Uranquinty (New South Wales, 640 MW), Mortlake (Victoria), Roma (Queensland), and Ladbroke Grove (South Australia) offer flexible generation to balance intermittent renewables and ensure system reliability. These gas assets generated significant output in fiscal year 2025, benefiting from elevated wholesale prices and strong plant performance.[66][68][69] In fiscal year 2025, Origin's generation assets demonstrated high reliability and availability, enabling opportunistic dispatch during periods of tight supply in the NEM. Total electricity sent out from owned generation supported hedging against retail customer loads and contributed to an underlying EBITDA of $3.41 billion across energy markets. While the company is expanding renewables, fossil fuel-based generation continues to underpin dispatchable capacity essential for grid security.[32][70]Renewables and Emerging Ventures
Origin Energy has committed to growing its renewables portfolio, targeting 4 gigawatts of renewable generation capacity by 2030, amid a shift away from fossil fuel reliance.[71] The company's efforts include large-scale wind projects such as the Yanco Delta wind farm in New South Wales, designated as its priority renewable development.[35] In October 2024, Origin announced its withdrawal from hydrogen initiatives, redirecting resources to renewables and battery storage to align with more viable energy transition pathways.[72] A core component of its distributed renewables strategy is the Origin Loop virtual power plant (VPP), which networks thousands of customer-owned devices including solar panels, home batteries, and electric vehicle chargers to balance grid supply and demand.[73] By August 2024, the VPP's aggregated capacity matched that of a typical coal-fired power station, enabling dispatchable energy services equivalent to centralized generation.[74] Origin is also constructing grid-scale battery energy storage systems at sites like the Eraring Power Station to support frequency control and peak shaving.[35] The company projects VPP expansion driven by rising electric vehicle and battery adoption, potentially aggregating further distributed resources for grid stability.[75] In emerging ventures, Origin has invested in Octopus Energy, a UK-based firm specializing in renewable-focused retailing and proprietary software for energy management.[76] Origin acquired an initial 20% stake in May 2020, licensing Octopus's Kraken platform to enhance its own retailing operations.[76] This was increased to 23% in December 2023 via a £280 million (approximately A$530 million) infusion, reflecting strategic alignment on scalable, tech-enabled renewables deployment.[77] By May 2024, the stake's valuation had risen 15% to around A$3.1 billion, underscoring returns from Octopus's global expansion in low-carbon energy solutions.Solar, Storage, and Virtual Power Plants
Origin Energy procures solar energy primarily through long-term power purchase agreements for utility-scale photovoltaic projects, having secured commitments for more than 680 MW since 2016, including developments such as the 56 MW Sunraysia project.[78] However, rising costs led the company to cancel 204 MW of planned solar PV capacity in August 2024, comprising the 130 MW Morgan Solar Farm and 74 MW Carisbrook Solar Farm in New South Wales and Victoria, respectively, as these initiatives became economically unviable amid high construction expenses and grid connection challenges.[79] Despite these setbacks, Origin maintains exposure to larger-scale solar through projects like the proposed 900 MW Yarrabee Solar Farm in New South Wales, reflecting a selective approach prioritizing viable offtake arrangements over direct development.[72] In battery storage, Origin is expanding grid-scale capacity to support renewable integration and peak demand management. The Eraring Battery Energy Storage System in New South Wales underwent a third-stage expansion approved on November 21, 2024, increasing total storage to 2,800 MWh across 700 MW of power capacity, positioning it as Australia's largest approved battery project and the southern hemisphere's largest upon completion.[80][81] Complementing this, the 300 MW/650 MWh Mortlake BESS, co-located with the company's gas-fired power station in Victoria, advances toward operation to provide frequency control and energy arbitrage services.[82] Origin initiated construction on a 240 MW/1,030 MWh four-hour duration battery in October 2024 as part of a broader commitment to 1 GW of large-scale storage across Eraring and Mortlake sites, with additional proposals like a 500 MW/2,000 MWh system at Darling Downs Power Station under regulatory review.[83][84] Origin's virtual power plant, branded as Origin Loop and launched in September 2022, aggregates distributed energy resources including residential solar panels, batteries, electric vehicles, and smart appliances to function as a centralized dispatchable asset.[85] By August 2024, the platform encompassed over 329,000 connected devices, delivering effective capacity comparable to a traditional coal-fired power station and surpassing rival AGL's equivalent network in scale.[86][87] Through algorithms that optimize charging and discharging during grid stress events, Origin Loop provides ancillary services such as frequency regulation and peak shaving, with customer incentives including feed-in tariffs up to $1 per kWh for battery exports and sign-up credits for existing systems.[88] The company anticipates further expansion driven by rising household battery and EV adoption, potentially integrating electric vehicle bidirectional charging to enhance dispatchable capacity.[75] These efforts interconnect solar generation, storage, and VPP operations to mitigate intermittency in renewable supply, though economic pressures have prompted Origin to deprioritize certain solar developments in favor of storage and aggregation technologies that offer higher returns amid volatile wholesale prices.[89] Community battery trials complement residential VPP participation by deploying shared storage at neighborhood levels to alleviate local grid constraints without individual household investment.[73]Investments in Octopus Energy
In May 2020, Origin Energy acquired a 20% equity stake in Octopus Energy, a UK-based renewable energy retailer, for A$507 million (approximately £280 million at the time), alongside licensing Octopus's proprietary Kraken software platform to enhance Origin's retail operations in Australia.[29][90] The deal included collaboration on adopting Octopus's customer-centric operating model, which emphasizes agile technology for billing, customer service, and renewable energy integration, aiming to accelerate Origin's digital transformation and competitiveness in deregulated energy markets.[91] On December 18, 2023, Origin increased its stake by 3 percentage points to 23% through an additional investment of £280 million (equivalent to approximately US$354 million or A$530 million), signaling sustained confidence in Octopus's growth amid its expansion into markets like the US, Germany, and Japan.[77][92] This secondary investment reflected Octopus's unicorn status and its platform's scalability, with Kraken now powering over 50 million global accounts.[93] By May 2024, a 15% uplift in Octopus Energy's valuation boosted the worth of Origin's 23% stake to approximately A$3.1 billion, yielding a paper gain of A$420 million in six months and underscoring the investment's financial returns amid Octopus's revenue growth to £13 billion in fiscal 2023.[76][94][95] The stake has positioned Origin to leverage Octopus's innovations in virtual power plants and demand-response systems, though it remains a minority holding subject to potential dilution from future funding rounds.[96]Corporate Governance and Leadership
Executive Management
Frank Calabria has served as Chief Executive Officer and Managing Director of Origin Energy since October 2016.[97] In this role, he leads the company's overall strategy, including its integrated gas, energy markets, and renewables operations, while emphasizing reliability and the energy transition. Calabria joined Origin in 2000, progressing through senior finance and operational roles, including Chief Financial Officer from 2014 to 2016.[98] Tony Lucas was appointed Chief Financial Officer effective July 1, 2024, succeeding Lawrie Tremaine who retired after seven years in the position.[99] Lucas, who joined Origin in 2002, previously served as Executive General Manager of Future Energy, overseeing renewables and emerging ventures, and held other senior finance roles within the company.[32] His appointment coincided with Origin's focus on balancing fossil fuel assets with investments in solar, storage, and LNG exports. Jon Briskin serves as Executive General Manager, Retail, managing Origin's customer-facing energy supply to over 4 million accounts in Australia.[100] Briskin has driven digital transformation and customer service improvements amid regulatory scrutiny. Greg Jarvis is Executive General Manager, Energy Supply and Operations, responsible for electricity generation, gas supply, and operational reliability across assets like the Eraring Power Station and APLNG project.[100] Jarvis oversees risk management in volatile energy markets. The executive team reports to Calabria and collaborates on governance through Origin's Executive Committee, which includes functional leaders such as General Counsel Kate Jordan.[101] No significant changes to the core executive management occurred in fiscal year 2025, reflecting stability amid Australia's energy policy shifts.[32]Board Structure and Ownership
Origin Energy Limited's board consists of nine directors as of October 2025, comprising one executive director and eight independent non-executive directors, fulfilling the company's policy of maintaining a majority of independent members to ensure objective oversight of strategy and performance.[102] The board is led by Scott Perkins as independent non-executive Chairman, responsible for guiding governance and representing shareholder interests, while Frank Calabria serves as the executive director, Chief Executive Officer, and Managing Director, handling day-to-day operations.[97] Independent directors include Ilana Atlas AO, Deion Campbell (appointed September 2024), Fiona Hick (appointed August 2025), Greg Lalicker, Mick McCormack, and Stephen Mikkelsen (appointed August 2025), each bringing expertise in areas such as finance, energy markets, and sustainability; for instance, Mikkelsen, CEO of a major infrastructure firm, contributes to the Safety and Sustainability Committee.[103] [104] Recent transitions include the retirement of Maxine Brenner on October 15, 2025, after 12 years, and additions to bolster skills in energy transition and risk management.[105] The board operates through specialized committees, including Audit and Risk, Nomination, Remuneration, and Safety and Sustainability, which provide focused recommendations on financial controls, director appointments, executive compensation, and environmental compliance, respectively.[106] Directors receive regular briefings on operational, financial, and risk reports at meetings, with additional sessions held as needed; for the year ending June 30, 2025, three extra committee meetings addressed emerging issues.[106] This structure aligns with Australian Securities Exchange (ASX) corporate governance principles, emphasizing board diversity, skills in energy sector dynamics, and accountability to shareholders without dominant insider influence.[102] Ownership of Origin Energy is widely dispersed among public shareholders, with no single entity holding a controlling stake exceeding 5% as of mid-2025, reflecting its status as a broadly held ASX-listed company (ticker: ORG).[107] Retail investors own approximately 54% of shares, providing a base of individual stakeholders, while institutional investors hold 44-45%, including funds like Vanguard and BlackRock with positions under 2% each; smaller entities such as BetaShares Capital (0.54%) and Netwealth Investments (0.41%) represent top non-retail holders.[108] [107] This distribution supports independent board decision-making, as executive and director shareholdings remain minimal, with recent director interests involving performance and restricted share rights totaling around 123,000 units per individual as of October 2025.[109] The absence of concentrated ownership reduces risks of short-term pressure, aligning with long-term energy market strategies outlined in the 2025 annual report.[32]Financial Performance
Revenue Sources and Profit Trends
Origin Energy derives the majority of its revenue from the Energy Markets segment, which includes sales of electricity, natural gas, and liquefied petroleum gas (LPG) to retail customers. In FY2025, this segment generated external revenue of AU$16,745 million, representing approximately 97% of total company revenue.[32] Key components include electricity sales, natural gas supply, and pool revenue from wholesale market participation.[62] The Integrated Gas segment contributes the remainder, primarily through LNG trading and Origin's equity share in Australia Pacific LNG (APLNG), encompassing LNG exports (AU$2,426 million Origin share in FY2025) and domestic gas sales (AU$296 million Origin share).[32] Total external revenue for FY2025 reached AU$17,224 million, up from AU$16,138 million in FY2024, driven by higher energy demand and trading activity despite wholesale price moderation.[32][62] Profit trends reflect volatility tied to commodity prices, hedging effectiveness, and operational efficiencies, with underlying profit—a measure excluding one-off items—increasing steadily post-FY2023 recovery from prior low bases influenced by market disruptions.| Fiscal Year | Underlying Profit (AU$ million) | Statutory Profit (AU$ million) |
|---|---|---|
| FY2023 | 747 | 1,055 |
| FY2024 | 1,183 | 1,397 |
| FY2025 | 1,490 | 1,481 |
Key Financial Metrics and Market Position
Origin Energy recorded revenue of A$17.27 billion for the fiscal year ended 30 June 2025, marking a 6.71% increase from A$16.18 billion in the prior year, driven by contributions from energy retailing, integrated gas operations, and renewables.[111] Statutory profit attributable to shareholders rose to A$1.481 billion, up from A$1.397 billion in FY2024, reflecting stable performance amid volatile wholesale energy prices and hedging strategies.[7] Underlying EBITDA for the Energy Markets segment, which encompasses retailing and generation, reached A$1.404 billion, aligning with guidance and supported by electricity gross margins and customer growth.[68]| Key Metric | FY2025 (A$ million) | Change from FY2024 |
|---|---|---|
| Revenue | 17,270 | +6.71% |
| Statutory Profit | 1,481 | +6.0% |
| Energy Markets Underlying EBITDA | 1,404 | In line with guidance |
| Market Capitalization (Oct 2025) | 21,500 | +22.6% (1-year) |