A new report exposes Australian electricity networks’ supernormal profits of $11B, on top of ‘normal’ profits of $16B since 2014. In 2022 alone, the super profit represented between $80 and $400 annually per customer. What’s the scam?
Source: Consumers made to pay for electricity networks super-profits. What’s the scam? – Michael West
On average, excluding publicly owned Essential Energy, network providers are earning a 13-14% super-profit across the east coast and South Australia.
By contrast, Essential Energy, an NSW Government-owned corporation that services rural NSW and parts of southern Queensland, charges no super-profits whatsoever actually taking a 1% haircut on return on investment according to Orme’s analysis.
Another offender is Ausgrid, again formed in 2011 when the NSW sold off its network assets.
SAPN, or South Australian Power Networks, sold by the South Australian government to controlling shareholder Hong Kong-based Cheung Kong Infrastructure Holdings, and Australian investment fund Spark Infrastructure charges a 15.5% super-profit to its customers.
Since our report was published last October, no action has been taken to stem supernormal monopoly network profits.
Source: Poles and wires super-profits causing energy price spikes, and foreign takeovers
The Big Four banks are hurtling to a record $33bn profit this year fired by $13bn in risk free Pandemic aid. Callum Foote checks out the latest profits for Westpac, NAB, CBA and ANZ – and the TFF effect.
Source: Banks hurtle to record profits turbocharged by Reserve Bank pandemic help – Michael West
Can Dominic Perrottet and Chris Minns “do a Palaszczuk” and hike coal royalties on multinationals now reaping super-profits from the War in Ukraine, or are they too scared of a coal lobby backlash? Michael West reports on the Budget crisis facing NSW as voters head for an election in three months.
Source: Annastacia Palaszczuk leaves Perrottet and NSW in the dust on coal super profits – Michael West
The new Labor government of Anthony Albanese has a unique political opportunity, a one-off perhaps, to reform. The Tory government has slapped a super profits tax on multinational gas giants in the UK. Can Labor go in to bat for the people of Australia over its fossil fuel donors? Michael West reports.
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