Aussie energy price relief ends

The rising Asian gas price:

Has finally dragged up the local gas spot price:

With gas at around $10Gj, electricity prices will rebound by 50% quickly. The AEMO’s lagged quarterly power price benchmark still has further to fall, so bill relief should still come:

But it looks like we’ve bottomed out. Futures remain much higher as well:

At least gas inventories are higher now, so there is some buffer to prevent price spikes. Stupidly, Albo did not apply the $12Gj gas price cap to the spot market, even though it sets the marginal price of electricity.

So, the gas export cartel could renew its gouge at any moment.