Caps on wholesale gas prices in Sydney look set to be extended by the energy market operator on Tuesday to head off further spikes in prices as gas producers such as Santos’ GLNG venture and Beach Energy warned that government intervention to restrict LNG imports or control domestic prices would not address the real problem.
He said that high “shadow” prices that signal what prices would be without the cap had sent the Sydney market over the threshold for a second trigger for the price cap, which would therefore remain in place. In contrast, the Brisbane price cap would likely be removed as the threshold for cumulative prices over a certain period was “at very limited risk” of being breached, with prices settling in the $36-$38/GJ range, he noted.The rocketing wholesale prices are the result of a spike in demand for gas for electricity generation to compensate for coal power outages and low renewables generation, just as demand for gas for heating has surged on the cold snap hitting the south-east.
Let me guess, the real issue is not enough gas projects getting approved?
the crisis goes to show that gas which is a public asset has been hijacked by gas miners to cash in In WA gas is $6/ Gj on east coast it is costing $40 /Gj We are being ripped off by greedy corps which pay little tax
And there you have it. The sovereign wealth looting, energy cartel masters telling their corrupt puppet LibLab governments to keep the dumb colony going for their pillage. Wake up Australians let’s kick all these scum at Fed n State out.
Gas says gas isn't the problem 🙄 Also, Gas says - changing government regulation that permits it to export cheaply while 'gaslighting' domestic demand, is not the solution. 🙄 Classical Gas (for the music lovers). 😉 GasCrisis