Australian LNG

Question: what relevance does this have?

Via the AFR: Santos and its GLNG project partners have taken their most decisive step yet to head off damaging caps on gas exports, agreeing to divert 30 petajoules of gas away from export and into the domestic east coast market.

Reap the whirlwind.

Dalian is trying to rebound: BHP is still nudging breakout: Big Gas continues its re-rating with exporters down and the domestic gougers flying: All I can say to that is, what a pack of bloody idiots we are.

According to Gotti, yes: A big part of the energy problem is gas prices.

It appears Do-nothing Malcolm can’t even write a press release: Energy company AGL has stressed it has no plans to operate its Liddell power station beyond the 2022 closure date and insists it has not yet agreed to sell the station to enable another operator to keep it functioning for another five years.

From The Australian: …the Australian Energy Market Operator warns of an immediate shortage of power this summer and a longer-term threat from 2022 if Liddell shuts down as planned.

Via The Australian: The government has been warned of a looming gap in the national electricity supply as coal-fired power stations shut down, highlighting the need for urgent decisions to build new generators that operate around the clock.

Dalian has opened OK: So too Big Iron with BHP and RIO nudging break outs: Big Gas is stable, more than can be said for pensioner energy bills: Big Gold is powering.

The gas cartel is undeterred by Do-nothing Malcolm: A softening in east coast gas prices in recent weeks has yet to bring down prices offered to manufacturers to levels they say are affordable, adding pressure to the federal government to slap restrictions on Queensland LNG exports for 2018.

Via The Australian: Malcolm Turnbull has seized on energy spokesman Mark Butler’s admission that Labor was warned that customers would be hit with higher energy prices from the gas exports it authorised in government five years ago, blaming the Gillard government for the spike in gas prices which has seen energy bills rise dramatically.

From Adam Creighton today: Taxpayers will have paid more than $60 billion through federal renewable energy subsidies by 2030, about twice what the crumbling car industry received over 15 years and enough to build about 10 large nuclear reactors.

Via Citi comes the horribly slow process of oil rebalancing: We’re at least a year from reasonable inventories if not more.

Via Domainfax: The hype was interstellar, but the content …more terrestrial.

Via a roundly climate change skeptical Richo: Malcolm Turnbull is running out of options as to what issue he might choose to fight the next election.

Break!

Jonathon Tepper has a new name for the CBA: And investors are voting with their wallets, hitting new lows: The chart still suggests no support right down to $70 and with the politics getting worse who knows?

Do-nothing Malcolm is on the move to higher airs: The nation’s electricity industry chiefs will be hauled in by Malcolm Turnbull for the second time in three weeks following an audit that revealed more than a million households are still paying the highest price rates ­imposed by energy retailers.

Lot’s of good material today on Australia’s great energy debacle.

No Wall St rally for you!

Like a moth to the flame, Judith Sloan just can’t leave the energy crisis alone: If sticking with the damaging renewable energy target and committing to a wildly excessive emissions reduction target under our commitment to the Paris climate agreement are not ideological, I’m a monkey’s uncle.