Beach Energy chief executive Brett Woods says Victoria’s intensifying energy crisis has reinforced the oil and gas producer’s push to expand into gas storage and peaking power generation, but that commitments to make major investments in the area are still some way off.

Speaking after Beach disappointed investors with a lower-than-anticipated interim dividend and a conservative update on production guidance, Mr Woods said the company had advanced engineering work for its storage and generation plans, and was in talks with potential partners for electricity.