According to The Australian Financial Review, Origin Energy chief executive Frank Calabria says the country’s largest electricity utility will minimise the company’s ownership of wind and solar generation assets as part of a strategy to boost investor returns.
The strategy, unveiled in a briefing for Origin investors, is a marked departure from plans outlined by Brookfield last year. The Canadian investment giant, which made a $20 billion takeover bid with EIG Global Energy Partners, said it would invest up to $30 billion to double the company’s renewable generation portfolio. Briefing investors, Mr Calabria said the transition away from fossil fuels, and increased price volatility, presented a major opportunity for the company. The pitch to investors positions Origin as a company that can manage that volatility – its “core DNA”, Mr Calabria said – with a mix of renewable energy purchase contracts, rooftop solar, and firming assets like batteries and gas peaking plants. https://www.afr.com/companies/energy/origin-energy-goes-lean-on-wind-and-solar-ownership-boosts-returns-20240612-p5jl2l
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