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Origin Energy maintains guidance, ready for CPRS

Origin Energy maintains guidance, ready for CPRS

Origin Energy (ASX:ORG) has confirmed its full-year guidance of 15% underlying profit growth for FY10, and said the company believes itself well prepared for the “carbon constrained” world of the future.

Origin posted an underlying profit of $430 million – up 20% on the prior year – in FY09, and a record $6.9 billion net profit due to the investment in Australia Pacific LNG by ConocoPhilips.

Speaking at the Origin AGM, chairman Kevin McAnn said Origin was ready for the passage of the CPRS, stating that it was “inevitable” that world governments put a price on carbon.

“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,” he said. “As Australia’s leading developer of gas-fired electricity generation, we are well placed to take advantage of this shift.”

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