(Adds details on outlook, background)
Oct 19 (Reuters) - Origin Energy Ltd (ORG) on Wednesday forecast a sharp increase in underlying earnings from its energy markets business in fiscal 2023, helped by higher natural gas prices.
Australia's No.2 power producer has benefited from soaring prices for its liquefied natural gas (LNG) exports in recent months, with the company more than doubling its final dividend payout a couple of months ago.
Origin in mid-August withheld outlook for 2023 due to extreme gas and power price volatility, as well as coal supply problems at its Eraring power plant, a decision that left investors disappointed.
The company now expects underlying earnings before interest, taxes, depreciation, and amortization for its energy markets division between A$500 million ($315.65 million) and A$650 million in fiscal 2023, compared with A$365 million a year earlier.
Origin expects the unit to grow further in fiscal 2024, driven by a higher contribution from its electricity business.
The company also said on Wednesday that production from the Australia Pacific LNG project, in which Origin has a stake, would likely be at the lower end of the 680 petajoules (PJ) to 710 PJ range, due to unfavorable weather. ($1 = 1.5840 Australian dollars) (([email protected]; Twitter: https://twitter.com/damnit_saladin))
News: ORG UPDATE 1-Origin Energy expects earnings from energy markets unit to jump in fiscal 2023
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