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APA Group pipes ‘stable’ FY amid gas shock

Australia’s biggest gas pipeline company has posted a “solid” full-year result amid an energy supply shock.

APA Group confirmed on Wednesday underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 3.9 per cent to $1.69 billion in the year to June 30.

Tariffs surged, particularly for the Wallumbilla gas pipeline in Queensland, which realised a more than 7.5 per cent increase since January 1, and stronger demand in the Victorian transmission system saw the Orbost gas processing plant ramp up.

Free cash flow was up 19.8 per cent to $1.08 billion, the company said in a statement to the Australian Securities Exchange.

APA, which delivers around half of Australia’s gas, also updated its climate commitments with a new 2030 pledge to reduce emissions by 30 per cent in gas transmissions, cut emissions intensity by 35 per cent in power generation, and reduce emissions it can control in electricity transmission.

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