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Origin Energy, Australia's second-largest power retailer, reported record quarterly and full-year production yesterday and upgraded its gas reserves by more than 40 per cent.
Shares in Origin rose A48c to A$9.83. Origin, which rebuffed a A$13 billion tie-up proposal with rival AGL Energy in February, also owns power stations and 51 per cent of New Zealand's Contact Energy.
Origin said costs at its Taranaki gas project off New Zealand have increased about 10 per cent, but the project remained on schedule for first gas in the first half of 2009.
