Nobody cares but:
GFG Alliance chairman Sanjeev Gupta says Australia has the highest power costs in the world when its high wholesale prices are combined with its huge volatility.
But the British billionaire industrialist, who has moved to Australia after buying the stricken Arrium business, including the Whyalla steel plant this year, has not called for government action.
He says a combined plan for renewables, pumped hydro in spent mining pits, batteries and managing demand from his power hungry plants can sustain his newly acquired business in the nation’s harsh manufacturing environment.
“Over the last year, energy prices have doubled and continue to remain high and, apart from the price increase, the volatility of prices is intense, so at times we end up paying hundreds of dollars per megawatt hour,” Mr Gupta told the International Mining and Resources Conference in Melbourne today.
“It makes Australia the highest cost energy environment in the world.”
It’s no problem for Mr Gupta. Indeed it is a boon. He has acquired Zen Energy and is installing his own renewable grid amid Australia’s best wind and solar resources around the Eire Peninsula. He’ll be selling his excess power into the wider grid at huge margins.
It’s you that’s buggered, thanks to the gas cartel, as it drives up power costs. More on that from Origin today:
On the wings of dead pensioners. Pip, pip!
