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When Origin can’t get coal, we must reserve it

Wednesday 1 June 2022

Here’s the hilarity of the east coast energy crisis laid bare:

Origin Energy has slashed its energy markets earnings forecast for 2022 by a quarter and withdrawn earnings guidance for the 2023 financial year amid huge volatility in electricity markets and coal supply problems at its Eraring plant in NSW.

The power operator said energy markets underlying earnings would fall by 26 per cent at the mid-range to $310m-$460m from the original guidance of $450m-$600m.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.