New energy shock builds

We are still in shoulder season Albo’s gas cartel is steadily pushing gas spot prices through the $12Gj contract price cap:

Electricity prices are following, as usual.

Electricity futures have broken the downtrend and are launching:

In what is better news for the damned, the local gas price is slightly below export net-back at the moment:

But that only means that the gas export cartel will keep increasing prices.

Bill subsidies protect consumers and businesses for now, which is a reasonable policy. However, the subsidies are, in effect, massive wealth transfers from taxpayers to gas cartel profits that further incentivise price gouging.

At some point, the cartel itself must be addressed.