Ann: FY24 First Quarter Activities Report, page-15

Origin Energy buys gas from a lot sources and obviously tries to buy the cheapest gas that it can get hold of. Irrespective of weather in Melbourne or rural Victoria. From what the BPT quarterly was suggesting, Origin Energy bought above the minimum gas nomination in the first half of 2023.
It just so happen that wholesale spot gas prices were higher than $12 per GJ during Jan to June 2023 and Origin Energy can buy from Otway Gas
Plant at around $10 per GJ as set by their gas contract. However, come July 2023 a new gas contract price will be in place and guess what happened. Origin Energy took the view that they will buy gas somewhere else. The chances are the new gas contract price at Otway Gas Plant would be somewhere between $13 and $15 per GJ. Woodside Energy pointed this out when they highlighted the price of gas Woodside sells their gas in WA to the domestic market. So Origin Energy since July 2023 have been buying gas somewhere else to avoid paying the new gas contract price. It just so happen that gas demand in Victoria was lower in the last few months which caused the wholesale spot gas price to below $10 per GJ. It is currently around $11 per GJ. The end result is Origin Energy is probably laughing now. But come 1st of January 2024, Beach Energy will likely ask for a “material increase” of the minimum gas nomination by Origin Energy. Meaning BPT will turn the screw on Origin. The weather in next following years will be Origin Energy’s problem.