Albo’s new energy shock rages on with gas at $16G, 500% higher than historical averages:
As night follows day, power prices are through the roof:
Meanwhile, Institute for Energy Economics and Financial Analysis (IEEFA) has exposed an enormous Japanese rort of Aussie gas.
Takayuki Ueda, CEO of INPEX, criticized the Australian government’s Australian Domestic Gas Security Mechanism (ADGSM) for rerouting gas to Australia’s east coast in emergencies following Russia’s invasion of Ukraine.
The ADGSM was due to expire in January 2023, but the new Labor government extended it until the end of the decade.
Ueda warned of geopolitical reorganisation and global instability as Russia, China, and Iran threaten Australia’s trading partner status.
Labor rushed damage control, and the Japanese Ministry of Foreign Affairs emphasised the importance of Japan-Australia cooperation in resources and energy.
However, IEEFA reports that Japan has exported more LNG than it imported from Australia for three years, and energy security in Japan has never been better.
Following the Ueda attack, the Albanese Government released its Future Gas Strategy last month as a sop to Japan, committing to using gas as an energy source through 2050 and beyond.
China is also re-exporting large volumes of Australian gas.
Meanwhile, Australia is being rorted at home as well:
We’ve found another broken promise from Prime Minister Anthony Albanese and Chris Bowen.
It follows an announcement in December 2022 when the pair said they were standing up to big gas.
But gas is at $16Gj.
The loophole is that Albo never applied the price cap to the spot market, only to the contract market. This was always ridiculous because it is spot gas that set the price in NEM.
Once again, Albo has bent over backwards to look after everybody but Australians.
