It also posted a relatively strong domestic gas and energy market showing but has said COVID-19 has already reduced electricity demand, along with milder weather despite bushfires and extreme heat early in the quarter.
Electricity volumes were down 7% this quarter over last year with retail volumes down 11% thanks to milder weather and "lower usage from solar uptake and efficiency" as well as lower customer volumes.
‘We are already seeing an initial impact from the pandemic on electricity demand which along with milder weather and lower customer numbers and usage, contributed to lower volumes compared to this time last year," CEO Frank Calabria said.
Gas prices in the east coast market have softened markedly as the Asian market has weakened, with Origin citing an average of $5.74 a gigajoule in the quarter, down from $9.82/GJ a year earlier.
Business volumes were down 3% thanks to contracts coming off.
Overall gas volumes were down 1% over March 2019; however retail volumes rose 12% thanks to cooler Victorian weather and higher customer numbers and use, Origin said.
The average National Electricity Market spot price for the quarter was in line with the prior wurterat $70.60 per megawatt hour over $70.50/MWh but down from a year ago which stood at 4127.4/MWh.
"While earlier in the quarter saw extreme heat and bushfires impacting transmission and generation average spot prices more broadly reflect increased renewable generation, lower gas prices and milder weather generally, with lower spot prices towards the end of March caused by initial demands from COVID-19," it said.
The average domestic gas spot price was $5.74 per gigajoule compared to $7.51/GJ the prior quarter and $9.82/GJ in March 2019.
"The decrease was driven by linkage to lower Asian and global gas prices with lower demand and high storage levels exacerbated by initial demand impacts from COVID-19," Origin said.
Gas to generation was up 16% for financial year 2020 to-date reflecting cover for Eraring outages and the roll-off of short term contracts in Queensland which diverted gas from generation for the financial year to date.
