If an energy shock transpires but there is nobody there to record it, did it happen?
That is the question that is being asked today by the bizarro world of Albo’s new energy shock that everybody is ignoring.
The local gas price, which is capped at $12Gj, has now roared through $20Gj. It is now 70% above the broken cap:
The electricity price is at a new high as well, of course, at $174MW/h:
Meanwhile, prompt delivery Aussie gas is still available in Asia and Europe for $14.90Gj:
And the European electricity price is less than half Australian.
I reiterate, these prices have far overshot any bill relief coming out of the Budget. A new energy bill shock to the tune of 3% of CPI is building and it will force the RBA higher.
This is a gas mafia openly committing grand larceny and a pathetic government with no response to the breaking of its own laws.
Resources Minister Mad King, who is most responsible for bringing the criminal gas cartel to heal, is busy with this bunk:
The deal signed in Hiroshima at the weekend between US President Joe Biden and Prime Minister Anthony Albanese underscores the central role that Australia’s critical minerals will play in the world’s energy transformation.
The historic Climate, Critical Minerals and Clean Energy Transformation Compact establishes climate and clean energy as a central pillar of the Australia-United States alliance.
Both the United States and Australia have made clear that climate change is a threat to global security and prosperity, and that accelerating the global clean energy transformation is key to tackling that threat.
No, it isn’t. Breaking the gas cartel is the key but it has somehow made itself invisible.
