Origin Energy writes off solar, wind, geothermal assets
Aug 23, 2012 - Australian energy group Origin Energy Limited (ASX:ORG) on Thursday reported heavy impairment charges on its solar, wind and geothermal investments for its full year to June 30, 2012.
The company took an after-tax impairment charge of AUD 135 million (USD 142m/EUR 113m) on its 50% stake in Transform Solar Joint Venture after the solar business scaled back its operations and the commercialisation benefits of the Sliver technology were hit by the tough economic environment.
The value of Origin Energy's portfolio of wind development opportunities was written off by AUD 60 million in the period after the company de-prioritised certain sites.
The company also booked a AUD-33-million write-off on the value of its Australian geothermal development opportunities after they fell short of expectations for the geothermal resources' timely and commercial development.
In addition, Contact Energy Ltd (NZE:CEN), in which Origin Energy holds 53%, took a AUD-2-million charge after it decided not to press ahead with any of the options being considered for hydropower project development on the Clutha Hydro site for the foreseeable future.