Key gas observations for the month ending 15 August 2019:
Following the failure of Origin’s Mortlake gas power station on 8 July Origin released a statement advising there was no harm to people, however, the damage to the plant was relatively material. Origin have notified the Market operator that the unit should be online by 20 December 2019.
Woodside Petroleum’s half year profits have been reduced by 23 per cent as a result of maintenance shutdowns and cyclones impacting production at natural gas plant in Western Australia.
The ACCC netback price as of 15 August was AUD$5.10/GJ. Forward prices currently sit below this in September, then increase in October.
Of the STTM’s, Adelaide, Brisbane and Sydney hubs had lower average gas prices (Ex-ante) compared to the same period in 2018. Prices ranged from 5% reductions in Adelaide to 23% reductions on the Brisbane hub.