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Introduction
Through this report, relevant information that impacts on Origin Energy performance will
be analysed in order to make an informed decision about investing or not on the company.
Different aspects of the business environment that surrounds and affect the Origin Energy
company in Australia will covered in order to make the wisest decision.
Nowadays, the energy and gas industry is changing constantly, as different laws and
regulations are established in Australia and the whole world in order to create a more
environmental friendly energy production and consumption. New technologies are
developed in renewable energies and different companies races through investigations in
different renewable energy sources.
On this scenario, there are some main risk and opportunities on the different environments
that affects the company, as the slow growth in energy consumption. Despite the 0.2% that
energy consumption growth on the last year (Schultz and Petchey 2011), Origin Energy
was able to raise $1,214.3 million in the last financial year, ranking second in the energy
and utilities sector (ASX Limited 2012), reducing costs and raising its bottom line incomes
from $186.0 million to $980.0 million (Bloomberg BusinessWeek 2012). Within this
scenario, a set of entities that regulates energy production and trade, also policies that set
different goals on renewable energies shapes the market (Reserve Bank Of Australia 2011).
Origin has been able to change its business in order to fit in the new challenges with the
solar panel services and renewable sources investigations (Origin Energy Limited). Many
technologies are still not developed as wind and geothermal (Vassallo 2010), but projects
about it are being held (Origin Energy Limited). Investigation shaped by demand of
different technologies, as Origin is able to fit in the demanding technologies as it is solar
energy, starting also with geothermal and wind (Origin Energy Limited). But all of these
issues are perceived by Australian culture, with trends to an environment friendly energy
supply chain, as 90% supports clean energy (Thornton 2012).
Also, through the last years, some CSR issues happened as their problem with customers
and the billing system with solar panels (Wells 2012), or the huge issue when AACC find

out that Origin used the carbon price as an excuse to increase Queensland power bills by
$400 a year (Moore 2012), Origin has been able to raise stakeholders trust by a wide range
of sustainable programs on the economic side, social side and environmental side (Origin
Energy Limited).
All of these points and some more will be present trough this report, as they will be divided
by theme. Economic, political and regulatory, technological, socio-economic and cultural,
and the CSR issues will be treated separately on the different sections. In each of these
ones, risk and opportunities will be in some point measured, to get a specific balance of the
different aspects, to finally conclude with an overall balance in order to make an informed
decision about the convince of investing or not in the company.
Through the whole report, highlights of an approval on investing will be shown, as the
company has been growing lately against the energy consumption low growth, with a wide
range of energy sources portfolio, investigation and developments (Swanepoel 2012).
Economic environment
Generically, the shares market on energy companies has been going with good results these
last years (ASX Limited 2012). In this last financial year, 100.6 billion dollars have been
traded in Energy stocks, completing 571.3 billion dollars on the last 5 financial years (ASX
Limited 2012). The electricity and gas supply industries contributed $19 billion to industry
gross value added (ASX Limited 2012). This is strength of the company, as it is situated on
a well-positioned and comfortably market that is growing constantly (Davidson 2010).
Despite the growth on share market, growth in energy consumption has not been doing
really good. In the last few years, energy consumption has been almost unchanged,
increasing only 0.2 % in 2010-11. This mainly reflects the reduced economic activity, a
result of the global economic downturn (Swanepoel 2012). Over the past five years, the
industry has increased electricity generation only 6 % as the number of customers has
increased around 7 %. The average capacity utilisation has remained almost constant over
the past five years, fluctuating only between 52 % and 56 % (Swanepoel 2012). This can
be a risk for Origin, as the volume of energy consumption is not growing, but the prices of
it rose within the last few years (King 2012). This doesnt solve the problem of the energy

consumption growth, but it lessens the threat for Origin in lowering their incomes (King
2012).
Comparing within the energy market, Origin Energy has been doing quite well on the
Australian shares market, as by June of 2012, at the closure of financial year 2011-12 the
market cap of Origin Energy Limited was marking second place in the Energy and Utilities
Sector, with a total of $13,293 million. It raised $1,214.3 million, being second on the
overall of utilities and energy companies (ASX Limited 2012), making it likely to invest, as
their shares value has been growing year to year.
The company advised a possible write-down for $134 million after their 50% held of
photovoltaic joint venture in the United States discontinued its production due to
oversupply of solar photovoltaic capacity and the challenging market conditions to come
(Swanepoel 2012). Shareholders were unsatisfied with the news, causing share prices to
drop down of a 1.4% on the share price, from $12.93 to $12.75 per share (Swanepoel
2012). Issues like this, with changing markets on the different activities of Origin create
risk for the investors.
There is still lot of expenses that must be covered despite all the earnings. Origin Energy
has executed a $2.4 billion syndicated bank loan facility to refinance its existing facilities to
be completed in 2013 and 2014 (Swanepoel 2012). As the executive director for finance
and strategy, Karen Moses said, Origin continues to receive strong support from both
domestic and international financial institutions, as evidence by the significant level of
demand from lenders (Swanepoel 2012). Along with the 500-million for seven years
medium term notes issue, the new bank loan facility removed Origins requirements for
refinancing until the 2015 financial year, making it way clear for investment (Swanepoel
2012).
Every year, Origin Energy has been able to grow revenues between $10.3 billion to $12.9
billion. It also has been able to reduce cost of selling, general and administrative from
6.18% to 5.66%. This was a one of the important reasons that led them to a bottom line
growth from $186.0 million to $980.0 million (Bloomberg BusinessWeek 2012). Its
performance leads to win 3 awards of Australian Law Awards on 2012, for Equity Market,

Baker and McKenzie In-House Team of the Year and Clayton Utz Australian In-House tem
of the Year (Australian Legal Business 2012). Even though the problems in the changing
energy prices and the stuck growth of consumption and the fact that less energy intensive
sector have growth faster than the energy intensive sector (Davidson 2010), Origin still
makes high revenues, making it likely for investing.
Political and regulatory environment
There are different regulatory entities that shape the Australian energy market and its prices
(Reserve Bank Of Australia 2011), as regions have different regulatory institutions. The
Australian Energy Regulator regulates electricity transmission and distribution networks in
the National Electricity Market and covered gas pipelines. It is also responsible for
reporting on generator bidding behaviour in the NEM in compliance with the National
Electricity Rules and National Gas Rules (Cuevas-Cubria, Schultz, Petchey, et al. 2011).
The NEM allows the market to determinate power flows across the eastern side of
Australia, New South Wales, Queensland, South Australia, Victoria and Tasmania. Western
Australia and the Northern Territory were not connected to the NEM, because of their
geographic distance from the east coast. This is done by the Australian Energy Market
Operator which runs a wholesale spot market. Here generators and retailers trade electricity
through a gross pool managed. This spot market can create a price risk, so from the
physical wholesale market, retailers have to deal directly with generators trough financial
markets (Cuevas-Cubria, Schultz, Petchey, et al. 2011).
While in Western Australia, retains state-based regulation of its electricity sector while in
the natural gas sector, the National Gas Access Law came into effect in just on 1 January
2010, the Wester Australian legislation is limited to regulatory matters adopting the local
Economic Regulation Authority and Energy Disputes Arbitrator to regulate the market in
instead of the AER as it happens in the eastern side (Cuevas-Cubria, Schultz, Petchey, et
al. 2011).
These different regulations alongside the country makes harder for Origin to unify its
policies and ways of operating, but also lessen the risks, making the different regulations

advantages or barriers depending on different situations, as it shapes the prices according to

increasing costs of production, but also doesnt allow a liberalist market to be held .
Different policies have been introduced to Australia in order to support the development of
renewable energy, shaping the market (Szatow, Ashworth, Dowd et al. 2009).

One

example is the Renewable Energy Target (RET) that came from the Mandatory Renewable
Energy Target (MRET), which required an increase in electricity generation from
renewable energy sources of 9500 gigawatt hours a year by 2010. With the MRET, annual
use of solar hot water grew in 70501 gigawatt hours compared to 1997, while electricity
generated from wind increased by 4212 gigawatt hours between 1997 and 2009 (CuevasCubria, Schultz, Petchey, et al. 2011) .The RET, running from 1 January 2010, commit the
government to a target of 20% of renewable energy sources of the whole electricity supply
by 2020, also requiring an additional 45,000 gigawatt hours a year to be produce by the
same deadline (Cuevas-Cubria, Schultz, Petchey, et al. 2011). Origin has aligned with these
policies, creating opportunities of business out of them, with the solar, geothermal and
wind energy generation industry.
After the introduction of government Mandatory Renewable Energy Targets by 2008, the
major area where renewable energy was being developed was in electricity generation
(The Bio Energy Site 2008). By that time in contributed 5.9% of Australia's total energy
supply (The Bio Energy Site 2008). As mentioned before, Origin Energy has aligned with
energy efficiency and renewable energy production goals, developing their Green program
for energy saving (Origin Energy Limited) on its customers and also shifting their
production to new renewable resources as geothermal and wind power.
Technological environment
In the last few years, the increased use of renewable energies new technologies has not only
reduced emission reduction, also has improved the energy supply diversity and security,
developing employment and business in related supply industries as Origin Energy" (Kelly
2007).
But here are lots of different technologies that havent been developed yet, as solar thermal
devices, wind, biomass, geothermal and waves. The focus is on Solar PV, as it has different

components likely to be developed, as has crystalline and amorphous silicon, CdTe, CIGS,
organic, in production with a further half dozen technologies in the pipeline
(Transformsolar 2012). In this matter, Origin is doing well, as it has investigations on solar,
geothermal and wind energy, creating new opportunities in three different aspects.
These investigations are continuously been slowed, as it is always necessary to have backup
of a gas or other plant [effectively on standby for a common renewable plan, as for
example], waiting for the unexpected fall in wind speed, making the wind farm produce
no energy (Vasallo 2010). Network planners usually only include about 5-20% of wind
farm capacity in their planning for peak demand, as it can fall down from one moment to
another (Vassallo 2010). All this happens because there is still not a standard use of
storage, even though the technology is available (Vassallo 2010). New commercial fuel
cell technologies have around 50-60% fuel efficiency, [similar efficiency to the best
combined cycle gas power plants.]... These are available in sizes from 1 kW to 500 kW, so
they are still not enough yet to cover the operation of an energy plant. This is not a problem
for Origin, as it has a wide range of energy sources, from gas basis to wind, geothermal and
solar production for customers self-production.
Origin is keeping on track with new technologies, as their first wind farm has being fully
operational since July 2009. It was the first significant wind farm to be fully operational in
NSW (Origin Energy Limited), consisting of 15, 2 MW wind turbines. The development
of these technologies continues, as the Victorian Minister for Planning granted approval
for 157 turbines at the Stockyard Hill Wind Farm for their next wind project (Origin
Energy Limited).
On other aspect, Origin is installing solar panels for commercial and residential customer in
order to generate their own energy. When the amount of generated energy is higher that the
one consumed, energy can be sold back to the grid, getting credit for the bills (The Bio
Energy Site 2008). About this technology, Origin got a venture with Micron Technology
to do research and develop solar photovoltaic technology through Transform Solar
(Transformsolar). Their main development is SILVER technology, which aims to increase
the availability of solar power by dramatically reducing the cost of it (Transformsolar).
This is possible due to a reduction of the amount of silicon required in solar panels,

[using water to collect radiation in order to] increase the effective area and making
possible to face the sun in both directions (Transformsolar). Also they have a partnership
with the Australian National Universitys Centre for Sustainable Energy Systems, as Origin
gives financial support to them (Vasallo 2010).
Origin energy is leading geothermal energy investigations, in this area that is relatively
undeveloped. There is one geothermal electricity project in operation in Australia, at
Birdsville in Queensland, and there are several proposed geothermal projects at early stages
of development (Origin Energy Limited). Origin has different projects abroad, as the
operating Wairekei and Tauhara geothermal power stations in New Zealand, trough owning
52.8 % of Contac Energy. In this plant, they have been able to develop different
technologies in order to increase thermal generation by 31%, with 1,263 GWh during the
last year (Contact Energy 2012). There are also developing projects in New Zealand with
Contact, some other in Indonesia with Tata Power, having 47,5 % interest on the
concession in Sorik Marapi (Origin Energy Limited). It also has 40% interest in Energa
Andina S.A. of Chile, with eight geothermal exploration projects with a possible of 16,000
MW of resource available (Origin Energy Limited) with a total of 130,000 Ha for
geochemical exploration (Energa Andina)
In Australia, the majority of energy research and development is undertaken in
businesses (Cuevas-Cubria, Schultz, Petchey, et al. 2011). Australian businesses
expenditure on energy research and development in 200809 was of $2.6 billion (CuevasCubria, Schultz, Petchey, et al. 2011).), around 90 % of total energy research and
development expenditure. In that way, the role of companies as Origin Energy is really
important, as it makes important contributions to the renewable energy industry, creating
opportunities out from new technologies (Cuevas-Cubria, Schultz, Petchey, et al. 2011).
Socio-cultural environment
On the cultural side, different polls regularly show that around 90 % of Australians
support clean energy and more than a million and a half Australian homes already have
solar power or solar hot water systems installed (Thornton 2012). As Dreyfus said, an
energy saving culture will develop if a water saving culture was developed before (Dreyfus

2011). But within studies propose the opposite, as technical improvements were preferred
over behavioural measures, especially over shift in consumption (Poortingaa, Stegb, Vlekb
et al. 2003). There are definitely opportunities for Origin energy in the renewable energy
market, as users prefer not to change their behaviour in consumption for example, as Origin
can offer the same energy supply, but coming from renewable sources, or solar panel
installation, providing the customers their own electricity, without the need of changing
consuming behaviour.
Different groups of energy users are shaped by level of knowledge, experience and their
socio-economic circumstances, having different attitude towards energy consumption.
These different groups have different demands on how services are delivered and
interpretations of what is a useful service (Greene and Pears 2003). Origin has to deal with
these different groups, in order to provide useful services to every of them, as they do with
different range of products, solar energy, gas and electricity supply.
Also, community groups provide advice and information when contestability of retail
electricity customers comes. One example is the low mark of Origin Energy in an Australia
website for product reviews, getting just 1.5 out of 5 with 175 reviews (Product review
2012).
Some of these groups lead through community interest in energy efficiency, policy
development and implementation in Australia (Greene and Pears 2003). These groups
often forced [the government] to shift emphasis from conventional energy supply
solutions towards energy efficiency and renewable energy (Greene and Pears 2003).
Origin Energy was able to take advantage of this shift, with the inclusion of renewable
sources to their energy production
CSR
Origin Energy has been ranked 97 of Global 100 Most Sustainable Corporations on the
2012, with 16,9 % score, being 7th on the energy category companies and 5th on the
Australian companies. On 2011 was ranked 19, and in 2010 was ranked 56 (1). It is also
ranked 18 out of 200 top companies in Australia by Ibis (2). Even though it has good
results in rankings, customers are not so happy with its performance, as it has a mark just of

1.5 out of 5, with 175 reviews, being one of the lowest marks compared to other energy
providers (3). CSRHUB ranks the company on place 48 of all the companies covered by
CSRHUB (4).
Origin Energy runs different initiatives in the social, environmental and economic sides. On
the environmental side, Origin launched GreenEarth Gas, a product to offset a customers
greenhouse emissions, also introducing more detailed greenhouse gas and environmental
incident reporting (Origin Energy Limited). On the social side, it was accredited in 2006
as an Employer of Choice for Women by the Federal Governments Equal Opportunity
for Women in the Workplace Agency (Origin Energy Limited), and also assisting over
17,000 customers through the Power On hardship assistance program, volunteering over
780 hours taken by employees in 2005 (Origin Energy Limited).
Operations in Chile with Energa Andina lead sustainability trough community friendly
operations, developing projects to bring to the whole community that surrounds the
exploration area of geothermal resources (Energa Andia). Also operations with
EnergiAustral hold different CSR programs on the zone of Aysn, where the project is
located giving more than $200,000 for social and community development (EnergiAustral).
Lately two important issues have come to Origin. The first one, ACCC find out that Origin
raised Queensland power bills by $400 a year, basing on the carbon prices as excuse
(Moore 2012). The second one, that customers in Victoria are been asked to pay 12 months
together due to systematic issue, going against the he Energy Retail Code (Wells 2012).
These two issues affect the way people trust Origin, making to possible to lose customers
as they can choose between different energy providers.
Origin has developed on the State of Victoria, tools for their customers through Origin
Smart Service, using Tendril Platform. This tools will allow customers to inspect how they
are using energy and some other to manage in a better way their electricity consumption
and bills (OMahony 2012).
Final recommendation

Balancing all the relevant issues, it is recommend investing in Origin Energy, as it grows
despite its CSR issues and the slow growth in energy consumption. It has a wide range of
products, where it can grow in new markets and technologies, being over the best
companies in Australia for energy. Agreeing with experts, it I likely to buy shares for
Origin (InvestSmart 2012).

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(Origin 2012)

(Origin 2012)

(ShopAround 2012)

(Victoria Goverment 2012)

(Key2Creative 2012)

(Origin 2012)

(Nenergy 2012)

(4 traders 2012)

(Origin 2012)

(SolarwindUSA 2012)

(Gothamist 2012)

(Viaenergetiki 2012)

(Origin 2012)

(Global100 2012)

(CSRHUB 2012)

(The Australian 2012)

(Origin 2012)

(Origin 2012)

(InvestSMART 2012)

(AEMO 2012)