The news for Australians over Xmas was mixed in reference to energy.
Local gas spot prices fell sharply, even though they are still far above anything we might call rational.
There is no relief in international prices, either, so the high likelihood is prices will spike again here soon.
The outlook for gas prices is bad. Inventories in Europe and the US are depleting the excesses of the past few years.
In terms of local electricity prices, the update is also bad. The quarterly moving average is still about 15o% up year on year.
Averaged over the year, the news is better with power futures indicating prices are up about 15%.
The AER is still going to hike retail bills in March for 25/26.
Energy rebates must be extended and expanded, or a huge inflation shock will hit H2, 25. No doubt Albo’s dills are waiting to announce it as an election sop.
Of course, all they are actually doing is subsidising gas cartel profiteering and hiding it in higher taxes instead of utility bills.
Meanwhile, the idiotic debate of nuclear versus renewables continues with no reference to gas, which is all that matters.
Anthony Albanese says Peter Dutton would jeopardise Australia’s green manufacturing future and “stop investment” in Australia, as the Opposition Leader lashed the Prime Minister for failing to admit he would not meet his vow to lower electricity prices by $275.
“He doesn’t have a plan for the future,” Mr Albanese said in Cairns on Tuesday.
…“The fact is that our plan is cheaper than the PM’s renewables-only policy, which is driving up prices; it’s more reliable than Labor’s because it will keep the lights on
“And as we saw today, the Prime Minister won’t even admit that he has broken his promise to reduce electricity prices by $275. Queenslanders deserve better.”
Whether we use renewables or nuclear energy, gas will set the price of energy. QLD gas, for heaven’s sake.
It is incredible how stupid and corrupt we are.
