If you don’t fix the gas market, it will erupt with every global energy shock.
As oil rumbles on mid-east tensions, it is dragging up global LNG prices despite an immense glut.
The NW Europe LNG marker is at $15.60Gj.
The Japan/Korea LNG marker is at $16.40Gj.
Australian spot gas prices, which determine electricity prices, are bucking at the $12Gj contract price cap already:
Remember that the mandatory code of conduct does not cover the spot market. It’ll blow off with global prices again and deliver Australia a new wholesale power shock. It has already started:
This is incredibly bad policymaking from a fake government that has learned nothing from its first round of Australian inflation wreckage. Wasting the crisis of the Ukraine War to apply proper and permanent domestic reservation to a price gouging by the LNG export cartel.
And now we remain vulnerable to the flap of the butterfly’s wing, anywhere, any time.
Even Labor knows how stupid Albo is. Jenny George:
“Made in Australia” makes everything old feel new again. Labor consistently has pledged a bright future for manufacturing.
The current Future Made in Australia project is central to Labor’s ambition of being an energy superpower at home and abroad.
But good intentions can fail and have long-term consequences. The most shortsighted decision was Labor’s failure to introduce a gas reservation policy. The closure of Qenos attests to that.
What good intentions? Albo’s only concern is his own power, not that consumed in support of our civilisation.
He’s got to go.
