socialmedian: Frbiz com Reports Origin Energy Ltd Readies For Carbon Constrained World

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Frbiz com Reports Origin Energy Ltd Readies For Carbon Constrained World

Submitted by Motown Terri from blog

Nov 07, 2009

Summary

Author : Tian Li

The company continued to grow during the global recession and still expects underlying profit for 2010 to be about 15 per cent higher than the previous year, it told investors at its AGM in Sydney on Friday

Underlying profit for the year ended June 30, 2009 was $530 million, company accounts show Chairman Kevin McCann told the meeting that Origin had been preparing for a carbon-constrained world

"A shift from coal to natural gas for baseload power generation is inevitable if the world is to take large strides towards a lower emissions economy," McCann said "With our extensive gas reserves, in CSG (coal seam gas) and conventional gas, and as Australia's leading developer of gas-fired electricity generation, Origin is very well placed to take advantage of that shift," he said

McCann said 2009/10 had begun with existing businesses well-placed and the CSG to liquefied natural gas (LNG) joint venture with ConocoPhillips established "Your company is in a very strong financial position with access to $4 4 billion of cash and undrawn committed debt f ...Read the full article

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