Treasurer Jim “chicken” Chalmers is already plotting your next power bill shock.
You are currently enjoying a big shock, and it will double by year-end as the Chalmers’ Ukraine War subsidies roll off.
Is there any hope of avoiding these? None. By year’s end, your power bill will have nearly doubled from 2025.
Albo’s $12Gj gas price floor guarantees there’s no going backwards.
Wholesale power prices are clear. When Albo came to power, the NEM was averaging about $50kWh. The last year has been $122kWh.
Is there any hope? Not locally. Albo has sold out to the gas cartel and China on domestic reservation.
There is one ray of sunshine. Rystad on the global LNG expansion.
A lot of this is for export. However, even if prices drop to marginal cost in Asia, around $7Gj, it is doubtful the gas cartel will let such prices trickle into Australia.
It is still $11Gj in AUD, and Albo’s price floor is protecting them.
Get ready to pay some of the highest energy prices on Planet Earth.
