Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
Origin Energy Group Reports 32% Quarterly Gas Revenue Jump as Battery Rollout Advances
Highlights
Introduction
On 30 October 2026, Origin Energy Limited (ASX: ORG) released its quarterly report for the three months to 30 September 2026. The report covers four segments: Integrated Gas, Energy Markets, Octopus Energy and Kraken Technologies. Higher oil prices lifted gas revenue, while milder weather and growing renewables weighed on gas demand. Here are the main points. Origin Energy is currently trading at AU$12.400.
Gas Venture Revenue Climbs
Production at the APLNG gas venture was 162.8 PJ in the September quarter, down from 164.6 PJ in the prior quarter. Revenue still rose 32% on a 100% project basis to AU$2,601 million, driven mainly by higher realised oil prices on LNG sales. The average realised LNG price was US$13.27 per mmbtu, while the average domestic price was AU$5.67 per GJ. Separately, a September 2026 transaction involving previously banked gas is expected to deliver about AU$70 million in after-tax cash to Origin.
Energy Markets and Battery Progress
In Energy Markets, electricity sales volumes rose 3% on the same quarter a year earlier, supported by retail customer growth and higher business demand from data centres. Gas sales volumes fell 7% as milder weather, renewables and battery storage reduced gas-fired generation. The 300 MW Mortlake Battery began commercial operations, taking Origin’s operational grid-scale battery capacity to 1.3 GW, out of a 1.8 GW development program. CEO Frank Calabria said the final project, Eraring Battery 2, is on track to start operating in the March quarter of 2027.
Octopus Energy and Kraken Update
Octopus Energy’s retail business added 308,000 customer accounts in the quarter, including 257,000 in the UK and 51,000 elsewhere. The business deliberately slowed growth outside the UK, mainly because of higher wholesale prices. A US$1 billion equity raise at Kraken Technologies completed in July 2026, and Origin invested an additional US$140 million, or AU$210 million, in the technology business. Capital expenditure for the quarter was AU$152 million.
Outro
Origin’s latest quarterly report shows higher oil-linked revenue from gas, steady progress on grid batteries and continued growth in overseas retail accounts, alongside lower gas demand at home. Investors should read the full report and seek professional advice before making decisions.
Note: All data presented is based on information available at the time of writing.
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