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Ampol eyes home power offering as part of energy transition

Ampol is set to trial a combined fuel and domestic electricity offering among 50-100 of its employees as it seeks to benefit from a looming energy transition in the homes of its customers.

Unveiling a record first-half profit of $695.9 million on Monday on the back of soaring refining margins, Ampol chief executive Matt Halliday provided further details on the company’s hopes to enter the domestic electricity market that he said would capture customers at the start, during and end of their journeys.

While the proposal would initially provide a combined fuel and electricity offering, it was also an acknowledgement that as electric vehicle penetration grew, a lot of charging would happen in the home.

Mr Halliday said the three million customers that used its outlets per week in Australia and the one million in New Zealand would provide an important and attractive channel for the company to market its offering.

“We will commence a trial with a small group of employees to now test Ampol’s value proposition,” he said.

“It’s not something we are going to rush into, obviously the energy markets are quite challenging at the moment, but building the capability and getting on with our test and learn process is where we’re currently focused,” he said.

The initiative comes as the company begins a roll-out of its AMPCharge-branded EV fast chargers with more than 200 charge points in 100 locations.

Ampol’s Belmont outlet on Great Eastern Highway will be one of five national pilot sites at which the fast chargers would be installed initially.

Mr Halliday said the company was also examining the economics of purpose-built, standalone EV charging hubs that would incorporate multiple charge points in one location.

In New Zealand, the company’s recently acquired Z Energy fuel retail business is also accelerating its network rollout of 26 sites.

Other energy transition initiatives by Ampol include researching and undertaking commercial discussions to assess hydrogen production economics and domestic distribution opportunities.

The company said it was also assessing opportunities in renewable diesel and sustainable aviation fuels including supply chain economics and the opportunity to repurpose existing infrastructure.

Ampol declared an interim fully franked dividend of $1.20 per share, up from 52¢ last year and representing payout ratio of 61 per cent.

The company expects to complete a rebranding of its 1900 outlets across Australia by the end of the year.

Its shares closed up 78¢, or 2 per cent, at $34.92 on Monday.

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