Origin Energy upgrades FY2023 earnings outlook

Origin Energy Limited (ASX: ORG) has upgraded its earnings outlook for the 2023 financial year. The company expects Energy Markets Underlying EBITDA to be between AU$950 million and AU$1,200 million, driven by a stronger than expected contribution from Octopus Energy in the UK and an improvement in the underlying performance of the Energy Markets business. Origin also secured additional coal supply at a lower cost, which has resulted in lower coal supply costs for FY2023.

Origin's flexible electricity generation and gas supply portfolios have also been optimised in a lower wholesale price environment, reducing energy procurement costs and expected to provide an earnings benefit over the balance of the financial year. The introduction of a legislated domestic coal price cap by the NSW Government has further reduced forward wholesale electricity prices, which is expected to positively impact consumer tariffs from FY2024.

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