The gas cartel is in full swing this week. We had the Santos write down yesterday. Today Origin, as it’s white elephant hoses another $3.1bn into the sea:
But who cares when your artificial gas shortage throws up electricity profits growth like this:
Recalling that gas sets the price of electricity in the National Electricity Market owing to where it sits in the wholesale electricity market bid stack. See Australian Energy Market Operator description below:
As said many times. The gas cartel is busy dumping huge quantities of Aussie gas into Asia where prices have cratered forcing producers to write off all of its sunk LNG plant capital while delivering Australian households and business an artificial energy shortage from which they are creaming enormous cash flow profits.
In effect Australia is hosing capital straight into the sea.
That this staggeringly stupid circumstance is allowed to continue shows you just how corrupted is the nation.
