Origin Energy (ASX:ORG) demand declines during Covid-19

Origin Energy (ASX:ORG) reported a 3 per cent drop in production for the June quarter due to lower demand as a result of the Covid-19 pandemic, seeing an overall decline of 5 per cent in its full-year revenue.

Electricity and gas volumes both dropped across retail and business segments for the financial year as the energy company saw a loss in customers and reduced prices due to the current climate.

Origin CEO Frank Calabria commented in a statement this morning that the company was able to drop prices for most customers in Queensland, South Australia, New South Wales and the ACT.

“The pandemic has impacted natural gas and electricity demand and some residential and small to medium enterprise customers are facing financial difficulties,” he said.

The energy company has extended its commitment to not to disconnect customers in financial distress while waiving late payment fees until 31 October.

The company said it has also reduced its operating costs and capital expenditure to help minimise the impact of Covid on its business.

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Source: Finance News Network