Forward power pricing in Australia drops in response to government action demonstrating that the Feds got it right.
Sometimes, reading the comments from big gas, big coal, and big oil in the Murdoch press, I think I am back in the school playground stopping kids from namecalling and hitting each other with sticks. It is obvious that the Australian federal government’s action has hit a nerve, and equally obvious that oil & gas giant Santos and its gang of war profiteers are only in it for the money. Legislation for a gas price cap has passed through the Australian parliament.
“If coal-fired power plants can purchase coal at lower prices, and this cost saving passes through into their electricity market bidding behaviour, prices should reduce in the time periods where those power plants set the electricity price. As the most expensive generator dispatched in a given period sets the spot price for that period, then reducing the bids of the coal generators that are currently facing high coal prices could result in a notable reduction in electricity prices.
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