The wind is back blowing which has helped drive down gas usage in the NEM over the past two days:
Crashing prices as usual:
Which is just as well because the gas cartel is pushing the gas spot price towards $13Gj. Recall that Albo the Disaster never price-capped the spot market, the only one that matters to power prices:
Power futures have eased but they are not coming down much further while more coal-fired power is going to exit without new firming power to support renewables:
Meanwhile, Albo’s Labor mates at Australian Super have turned into economic cannibals:
AustralianSuper has blasted attempts by Brookfield to “buy more time” on its $18.7 billion bid for Origin Energy, describing an alternative deal as a “low-ball offer” that would shortchange investors in favour of a private equity consortium.
The $300 billion superannuation fund, which has 3.2 million members and owns about 17 per cent of Origin Energy, said it would reject a revised proposal for the ASX-listed generator and retailer from Brookfield and a consortium backed by US investment group EIG Global Energy Partners.
This deal is a standing disgrace. All that changed from the initial bid is that the NSW government suggested subsidising Origin to keep the coal-fired Eraring power station open.
To sum up:
- Origin starved NSW of gas for firming power by sending it all to China.
- Albo did nothing to regulate the local flows at a reasonable price.
- This derailed the energy transition, meaning the Minns Government is forced to rely upon publically subsidised uneconomic coal power to support the end of coal power. Most notably, Origin’s Eraring coal monster, which NSW just whispered it will keep open.
- Now, Australian Super is blocking a takeover of Origin because the Eraring rort is not in the price. The takeover would at least nominally end Origin’s vertical market integration as the gas export business is split from its local energy marketing play that would roll out more renewables.
- In short, AusSuper is eating Australian flesh via higher utility bills, extorted public subsidies, and higher taxes on the back of the worst energy market manipulation since Enron.
Just as well we have the marvellous Labor super funds to save the nation.
