From the ACCC’s report last week:
Prices offered by producers for 2024 supply in the August to December 2023 period averaged $14.32/GJ, a decrease of 2% from the preceding 6 months. Prices offered by retailers for 2024 over the same period averaged $16.51/GJ, a decrease of 16%.
Average prices agreed under GSAs for 2024 supply decreased to $12.63/GJ for producers (26% decrease) and $17.27/GJ for retailers (10% decrease) in the August to December 2023 period compared to the preceding 6 months.
Producer prices offered for 2025 supply averaged $15.02/GJ in the July 2023 to January 2024 period, a decrease of 6% from preceding 6 months. Retailer prices offered decreased by 7% to an average of $17.79/GJ over the same period.
The average price agreed under producer GSAs executed between July and January 2024 for 2025 supply was $14.34/GJ, 18% lower than the previous 6 months. Retailer GSA prices executed since January 2023 averaged $19.83/GJ for 2025 supply. Compliance with and impact of policy
There appears to have been compliance with the price cap. During the period 23 December 2022 to 22 December 2023, producers sold gas under short term contracts for 2023 supply at or below $12/GJ.
Question: How does an average price of $14.65Gj comply with a $12Gj price cap?
Answer: The ACCC is an integral part of the energy superidiot.
The gas spot market has been no better. Chief Energy Superidiot Prime Minister Anthony Albanese didn’t apply the $12Gj to that market, but it has acted as a price floor nonetheless:
Leading directly to the new power shock:
Not that you will notice at first. Deputy Energy Superidiot, Treasurer Jim “Chicken” Chalmers, has ensured that the price rises will only arrive later via higher taxes:
The Federal Government has announced it will provide an electricity bill rebate to all Australian households and eligible small businesses.
Who gets the rebate?
All Australian households will receive a $300 rebate, paid in quarterly instalments.
Eligible small businesses will receive a $325 rebate, paid in quarterly instalments.
Residential customers
If you’re a residential customer, you don’t need to do anything to receive the rebate.
The rebate will be automatically applied to your electricity bills in quarterly instalments. For QLD households the first instalment will be applied by 8 July 2024. For ACT, NSW, SA and VIC households, the first instalment will be applied by 19 August 2024.
Small business customers
If you’re a small business customer whose annual electricity consumption is under or meets the threshold below, you don’t need to do anything to receive the rebate.
In truth, this is a massive public subsidy supporting the $12Gj gas price floor!
Only the energy superidiot could sell all of its cheap gas to its existential enemy, impose a permanent energy shock upon itself, subsidise and sustain the shock by raiding the national treasury, and turn to importing its own gas at a 1200% markup.
There is no idiot like the energy superidiot.
