Origin says Abbott plan will cut emissions

ELECTRICITY and gas provider Origin Energy says it's confident the coalition government's direct action policies will cut carbon emissions.

Prime Minister Tony Abbott's plans to repeal the carbon tax are likely to be opposed in the existing Senate, where Labor and the Greens will command a majority until July.

But outgoing Origin chairman Kevin McCann says the coalition's policy to replace carbon pricing with a direct action scheme would still help reduce emissions.

His comments come a day after the United Nations' climate chief condemned the plan.

"We look forward to working with the new federal government which will replace pricing of carbon with a direct action policy," he told shareholders at the company's annual general meeting on Wednesday.

"If well-designed, this policy can make an effective contribution to reducing Australia's carbon emissions."

Mr McCann said Origin was close to meeting a commonwealth target, mandating that 20 per cent of energy supply come from renewable sources by 2020.

"We believe this 20 per cent target is already nearly met," he said.

"Additional mandatory investments in renewables will further increase the delivered cost of electricity to consumers."

While South Australia and Victoria fully deregulated electricity and gas prices in February, Queensland and NSW are yet to follow.

But, Mr McCann said, Queensland would deregulate retail electricity prices from July 2015 while NSW would consider the issue later this year.

Origin told the Australian Securities Exchange that managing director Grant King's tenure would be extended beyond June 30 next year, when it was due to expire.

"Mr King's contract is now ongoing and may be terminated by either party on 12 months notice or on a shorter notice period by agreement between the parties," it said in a statement.

Origin shares gained 21 cents to $14.46.

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