Origin steals record loot from everyone

Via ORG today:

So, ORG sent record volumes of Aussie gas offshore without paying any tax on it, in the process creating an artificial gas shortage at home which it exploited via higher electricity prices (remembering that gas sets the marginal price of electricity) for its portfolio of coal, gas and renewable power stations.

That this Enron-style vertical business model prints money should be a surprise to no man. It has, in fact, so bedazzled RBC that it can’t see it ending:

RBC’s Ben Wilson has reiterated his Outperform rating and $10.00 target price on Origin Energy after the company posted its third quarter update this morning.

“We do think the worst is behind Origin in terms of regulatory intervention as proposed forced divestiture legislation is in our view unlikely and the outcomes of a review into default market offers were consistent with Origin’s guidance presented last year,” Mr Wilson says.

“The combination of self-imposed tariff reductions and the impact of default market offers we feel has reduced the regulatory scrutiny on the sector for now.”

Is this bloke joking or what? I don’t know if Labor will take ORG to the woodshed with tougher gas reservation but I can most assuredly observe that if it does not then it will virtually be committing economic treason.

Thus to say that “the worst is behind Origin in terms of regulatory intervention” is perhaps the dumbest thing I have read this week.

And there has so far been some very serious competition.

Comments

  1. perhaps the dumbest thing I have read this week.

    Here is another – SBS somehow manages to get a poll to say that most Aussies are into mass immigration!

    17 hours ago

    The poll was conducted online from 24 April to 29 April and is based on 1,010 respondents.

    Only 13 per cent of people said they opposed immigration due to overcrowding.

    51 per cent of respondents thought immigration was “generally positive”

    https://www.sbs.com.au/news/majority-of-australians-support-immigration-exclusive-poll

    What an absolute joke. If the poll is done online, how do they know if the respondents are actually eligible to vote?

    • The poll questions aren’t informative at all.

      Might as well ask “do you like ice cream”?

      A legitimate poll would have asked “how many bowls of ice cream per day is appropriate, 1 bowl per day, 2-4 bowls per day or 5+ bowls per day?”

      • Yep. You mean a loaded question.

        A South African firm correctly predicted the Brexit referendum result and the 2016 presidential election result. They looked at unsolicited opinion on Twitter and realised that the plebs are angry and will vote for Trump and Brexit.

        The firm is called BrandsEye. https://www.youtube.com/watch?v=X56ct2koIY4