A few days before he was rolled from the top job, Malcolm Turnbull said “We will not hesitate to use a big stick, as we did with gas, to make sure the big companies do the right thing by you, their customers.”
Well the latest quarterly update from the AEMO shows just how effective that “big stick” was with the gas companies.
Wholesale gas prices increased across all markets compared to Q3 2017 despite a year-on-year reduction in demand (largely due to reduced gas-powered generation (GPG) demand). Average quarterly gas prices in the Declared Wholesale Gas Market (DWGM) in Victoria and Brisbane’s Short-Term Trading Market (STTM) were the second highest on record.
And it doesn’t look like getting better any time soon.