Spot gas is still glued to Albo’s ridiculous $12Gj ceiling:
This continues to lift wholesale electricity prices:
Because the wind is not blowing:
Power futures are still roughly double historic rates as they price more coal plant exits:
As Albo’s dills do nothing to fix any of it, state governments are creaming it off you as well:
Electricity network providers raked in $2bn from customers in “superprofits” in just one year, or 2.5 times the level needed to compensate shareholders for risk, the Institute for Energy Economics and Financial Analysis claims in a new report.
Building on an assessment published a year ago, Ieefa found network firms had extracted about $11.1bn since 2014, including $2bn in the 2022 fiscal year alone. That sum was in addition to permitted “normal” profits of $16bn over those years.
Depending on the area, the excess profit amounted to between $80 and $400 for each customer, the author of the report, Simon Orme, a former treasury official in New South Wales and New Zealand, said.
Most of these “polls and wires” networks are government-owned corporations. They game the system by over-investing and then use that to demand price rises from their regulator, the AER.
And guess what? Albo’s solution to all of the above is to build massive new quantities of polls and wires to enable more renewables. These new networks will also be government corporations that are just as ruthless in gouging you.
What he should be doing is investing much more heavily in localised power storage. City, municipality and neighbourhood batteries (and other) can hugely reduce the need for these networks by capturing more energy in the daytime.
These are already much more competitive collectively than massive network expansions.
Yet Labor mates do what they do. Invest in shit we don’t need to make themselves richer and you poorer.
The Rum Corps still runs this country.
