Origin Energy, as of 2022, ranked as Australia’s fourth-largest climate polluter. The company owns and operates Eraring Power Station, the nation’s largest coal-burning generation plant. Despite its significant carbon footprint, Origin Energy is embarking on controversial initiatives, including fracking operations in Northern Territory and expanding oil and gas mining in Queensland’s delicate Channel Country region. These activities often result in considerable local environmental damage.
Origin Energy, with operations in NSW, QLD, VIC, and SA, plans to continue its reliance on coal until 2032. The company is also pushing for a substantial expansion in gas fracking, further entrenching its environmental impact.
Commitment to Renewable Energy
Despite its current environmental challenges, Origin Energy is pivoting towards a more sustainable future. The company has outlined robust plans for investing in renewable energy. While still significantly reliant on coal and gas, and engaged in LNG exports, Origin Energy is making strides towards achieving Net Zero emissions.
The company not only promotes transparency in its marketing efforts but is also actively working to align its operations with its commitment to renewable energy and sustainability.
Ownership and Future Investments
Origin Energy is a publicly listed company on the ASX. Its largest shareholders include Australian Super (13.86%), The Vanguard Group (US) at 3.321%, and Vanguard Investments Australia holding 1.808%. Recently, the company entered a binding agreement with a consortium led by Brookfield Asset Management and MidOcean Energy. This consortium is set to acquire all issued shares in Origin.
Both Origin and Brookfield have expressed their commitment to investing significantly in renewable energy. The consortium plans to invest a whopping $30 billion to facilitate Origin Energy’s transition to renewable sources, underscoring a shared vision for a sustainable energy future.
Renewable Energy Products
Origin Energy offers a range of renewable energy products under the Green Earth category. The percentages listed alongside each product represent the proportion of electricity, purchased on behalf of customers, derived from renewable sources:
- Green Earth 10%
- Green Earth 20%
- Green Earth 25%
- Green Earth 50%
- Green Earth 100%
Customer Base and GreenPower Production
With over 4.5 million customers, Origin Energy produced 533 GWh of GreenPower in the 2023 fiscal year, marking a 9% increase from the previous year. While this growth is commendable, it may not fully align with the company’s ambitious statements regarding its transition to renewables and achieving Net Zero.
Conclusion: A Step Towards Green Energy
Opting for a Green or Renewable energy plan with Origin Energy is undoubtedly a positive step towards environmental conservation. Driving the transition to renewables requires collective effort from individuals, corporations, and governments alike.
Choosing renewable energy is not just an easy switch but a crucial step in contributing to environmental preservation and combating climate change. For more information on making the switch and doing your part to protect the planet, feel free to contact us.