Yes, you read that right, you’re about to get power and gas bill cuts.
Gas prices have tanked over the last quarter.
This is especially striking given the spike in Asian LNG prices above $23Gj.
The falling gas price has helped wholesale electricity prices fall over the last five months from an average of $116M/h to $60M/h.
This will reduce the average bill’s wholesale power component by roughly 20%.
There will be a small giveback on the polls and wire charges, but the discount should still be healthy.
You won’t see the power price cuts until July when the lagging regulated price kicks in.
Some of the price declines in gas are weather-related. But not all.
Gas cartel rhetoric has shifted to protecting offshore war profiteering. I think it realises that if it tries to rerun the Ukraine War gouge, it will have a revolution on its hands.
To wit.
East coast gas buyers have turned down the opportunity to secure supply at a fraction of the rates global prices have surged to since the outbreak of war in the Middle East, deterred by a combination of weak demand and policy uncertainty.
Origin Energy’s Asia Pacific LNG venture, the biggest of Queensland’s three LNG exporters, on Friday invited interest in 6.72 petajoules of gas from its coal seam gas operations, capped at $12 a gigajoule, after getting no interest when it offered the gas last month. The deadline for bids is now March 19.
Industrial prices have been running at $15-18Gj. This is still double the price it should be, but it is also down materially from where it has been.
Let’s not forget that it was the cartel that led Albo’s idiots to creating a gas reserve as well.
It appears that Canberra is having trouble keeping up with the cartel’s pivot to protecting its social licence to operate.
Honestly, what a pack of arsehats. We have an inflationary cartel desperately signalling it wants to be regulated and accepted back into the Australian community, and Albo’s idiots are too busy to accept its hand as the country sits on the verge of an apocalyptic energy shock. If they don’t move soon, the cartel might just say $#@! it, let’s gouge.
This is the energy superidiot in all of its corrupt glory.
