2012 Half Year Results Media Presentation - Origin Energy
2012 Half Year Results Media Presentation - Origin Energy
2012 Half Year Results Media Presentation - Origin Energy
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Increased portfolio flexibility and improved wholesale prices<br />
were offset by an unfavourable fuel mix and retail competition<br />
Balance sheet gearing level remains strong<br />
• Successful NZ$200m capital bond issue<br />
• Issue tapped NZ retail market demand for<br />
higher yield securities<br />
• Export credit financing (NZ$105m) provides<br />
15 year amortising funding at competitive<br />
rates, further diversifying funding mix<br />
Solid operational progress under challenging<br />
market conditions<br />
• Wholesale market prices responded to belowaverage<br />
hydro storage levels<br />
• Ahuroa Gas Storage and lower contract volumes<br />
eliminated direct gas take-or-pay costs<br />
• Low hydro inflows delivered unfavourable fuel<br />
cost mix<br />
• Operating costs increased with particular<br />
increases in SAP licence and support costs and<br />
insurance<br />
• Pricing offers positively impacted customer<br />
numbers; mass market margins consequently<br />
compressed. Time-of-Use sales continues to<br />
gain<br />
• Increase in mass market tariffs absorbed by<br />
“OLOT” (Online On Time) discount, and<br />
increases in network and operating costs<br />
43 |
Change language