Former Origin exec and energy veteran Karen Moses: cool head in a bumpy transition

‘You’re no longer just talking about a single fuel source. There are multiple technologies, multiple time horizons and significant investment decisions that need to be made simultaneously,’ says Karen Moses.

Former Origin Energy executive Karen Moses has been awarded an Order of Australia in the King’s Birthday Honours Picture: John Feder

Prominent energy industry veteran Karen Moses says that Australia’s shift away from fossil fuels dependence is muddled by unprecedented complexity for investors, policymakers and consumers alike.

Ms Moses, awarded a Medal of the Order of Australia in the King’s Birthday Honours list, is a former executive at Origin Energy and one of the sector’s most influential female leaders.

“I’ve been in the energy industry long enough to remember when gas in Victoria was 23 cents. There were really only two sources of gas – Victoria and South Australia – and no solar, no wind,” she said. “So yes, that makes me feel old, but it also underscores how dramatically the landscape has changed.”

Ms Moses, who served on the boards of Boral, Snowy Hydro, and Orica, said the current volatility in energy markets – from high retail prices to delays in renewable transmission projects – was symptomatic of a sector grappling with overlapping and often conflicting priorities.

“We’ve designed markets over time that served us well for decades, but we have to acknowledge that the system now is infinitely more complex,” she said. “You’re no longer just talking about a single fuel source. There are multiple technologies, multiple time horizons, and significant investment decisions that need to be made simultaneously. That inevitably leads to bumps along the road.”

The Albanese government has committed to cutting emissions by 43 per cent by 2030 and reaching net zero by 2050, goals that require a near-total overhaul of Australia’s energy infrastructure, including the accelerated rollout of renewable generation, transmission lines and battery storage.

But Ms Moses, who began her career as a petroleum engineer before rising to become Origin’s chief operating officer, said Australia is still working through the current investment climate and policy certainty needed to underpin such capital-intensive transformation.

Karen Moses has been around long enough to remember when gas in Victoria was 23 cents. Picture: John Feder

“You’ve got to think through short-term investment, long-term investment, and how you sequence that shift,” she said. “And most importantly, how it gets paid for. That doesn’t always happen seamlessly, and when it doesn’t, we get market shocks – whether that’s price spikes, supply shortages, or underinvestment.”

Her comments come amid rising concern about the pace and cost of the shift to clean energy, with consumer bills rising sharply and industry groups warning of reliability risks if coal exits the grid faster than new capacity can replace it.

The federal government has recently intervened more directly in energy markets, including underwriting new renewables and gas capacity, extending price caps, and announcing a package to subsidise household battery storage. While these initiatives have drawn praise from climate advocates, some market participants argue they create distortions and increase sovereign risk for investors.

Despite the challenges, Ms Moses said she remained optimistic about Australia’s ability to lead the global energy transition, citing its abundant natural resources, engineering expertise, and increasingly engaged public.

Ms Moses is one of Australia’s most qualified to offer an opinion of the country’s energy market. While some may long for a simple market, the former teacher before happening into the industry said it is rapidly evolving, and that helps energise her.

“It is just such a fascinating industry. Things that everybody thought were never possible become possible. Things that people thought were a by-product, which is why gas was 23 cents. And now the same exists in a lot of the rare earth spaces. What’s being now keenly sorted are things that used to sit in tailing dams or sold off as by-product.”

Originally published as Former Origin exec and energy veteran Karen Moses: cool head in a bumpy transition