Consumer advocate says result from country’s biggest energy retailer, as well as AGL’s 189% profit rise, ‘don’t pass the pub test’
Origin posted a full-year underlying profit of $1.2bn, while gross profit margins from its business and residential-facing electricity arm surged 172%.Origin posted a full-year underlying profit of $1.2bn, while gross profit margins from its business and residential-facing electricity arm surged 172%.Consumer advocates have accused Australia’s biggest energy retailers of profiteering at the expense of households and undermining a government budget measure designed to lower bills for customers.
The consumer advocate said the federal government’s cost-of-living initiative to offer every household a $300 energy bill rebate could be undermined.“The challenge is that the rebates are going to be swallowed up in retail profits and in higher network costs,” said French. In its results briefing, Origin referred to the “lagged catchup” of electricity profit margins after previously enduring high wholesale prices. Retailers are also subject to “default market offers” that regulate the maximum they can charge for electricity.
“An important factor in helping to keep downward pressure on prices is ensuring reliable energy, and it is pleasing to see how well our generation fleet performed.”Our Australian morning briefing breaks down the key stories of the day, telling you what’s happening and why it mattersCalabria said Origin had committed $100m over two years to support vulnerable customers.
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