EnergyAustralia told the ACCC it will send a negative signal if the transaction is defeated.EnergyAustralia, one of Origin Energy’s biggest rivals in electricity and gas retailing, has told the competition regulator that blocking Origin’s $18.7 billion takeover could “send a negative signal to the market” and create yet another challenge for the investment required to reach net zero emissions.
“It may send a negative signal to the market if the transaction was not approved given the much-needed investment required in the market to get to net zero,” the ACCC said in a record of an oral submission by EnergyAustralia on the proposed deal. to buy a stake in July, own coal power plants alongside their investments in clean energy and storage.The feedback comes as Origin Energy reported a jump in east coast gas prices in the June quarter, despite. The 10 per cent increase in prices from the March quarter helped offset the impact of a 16 per cent dive in LNG prices for Origin. Domestic customers still paid on average less than half export customers.
“Improved production has enabled Australia Pacific LNG to continue to meet the gas needs of export customers and provide a major contribution to the domestic market,” Mr Calabria said.