Australia's Origin Energy profit jumps; raises energy markets forecast

according to ReutersBy Sonali PaulFeb 15 (Reuters) - Origin Energy Ltd, Australia's top power and gas retailer, more than tripled its half-year underlying profit on the back of soaring energy prices and raised its earnings forecast for energy markets, sending its shares up 6 percent. "We see this as a strong outcome for Origin," Royal Bank of Canada analyst Ben Wilson said in a note. As a result, Origin raised its full-year underlying earnings forecast for its energy markets business to between A$1.78 billion and A$1.85 billion from an earlier forecast of A$1.7 billion to A$1.8 billion. Origin said it is on track to cut net debt to less than A$7 billion by June, as targeted, following the recently completed sale of its Lattice Energy business. Chief Executive Frank Calabria said debt reduction along with improving underlying returns would be key measures for reviving the company's dividend.

UPDATE 2-Australia's Origin Energy profit jumps; raises energy markets forecast

* Interim underlying profit surges to A$582 mln, meets forecasts* Raises energy markets earnings forecast* Cuts breakeven cost target for APLNG* Shares jump 6 pct (Adds CEO, analyst comments)By Sonali PaulFeb 15 (Reuters) - Origin Energy Ltd, Australia's top power and gas retailer, more than tripled its half-year underlying profit on the back of soaring energy prices and raised its earnings forecast for energy markets, sending its shares up 6 percent. Origin also sharpened its target for cutting costs at its Australia Pacific liquefied natural gas (APLNG) project, aiming to break even at $45 a barrel by June, down from a target of $48. "We see this as a strong outcome for Origin," Royal Bank of Canada analyst Ben Wilson said in a note. As a result, Origin raised its full-year underlying earnings forecast for its energy markets business to between A$1.78 billion and A$1.85 billion from an earlier forecast of A$1.7 billion to A$1.8 billion. It suspended dividends in 2016 to focus on cutting debt, which peaked with the construction of APLNG just as oil prices slumped.

Countdown to May: Energy officials say coming bid to provide energy is key date in PSEG subsidy request

as declared in As lawmakers have become better versed in the deregulated energy market, proponents of a nuclear bailout bill, along with government officials, are confident the measure will pass and be signed by Gov. PJM has testified in Trenton that the loss of the Salem plants will not leave the operator scrambling to replace energy. If a state wants to make a decision about supply mix, it should do it for the whole system. NRG is a plaintiff in the cases, which affect nuclear plants owned by Exelon, which has a 43 percent stake in the PSEG Salem plant. NRG also participates in the energy market.

collected by :Victor Alphen