Origin Energy CEO Frank Calabria says there is a sufficient amount of gas in Australia, but there is not enough power in the system.
“What’s happened is that if you have a power price that’s at $300 or $400 a megawatt-hour, and because you don’t have enough power in the system, what happens is the energy company can pay way more for that gas because it’s protecting against its wholesale energy position,” he told Sky News Business Editor Ross Greenwood.
“So the most important thing is that you do need to have enough of that power in the system such that you are not drawing on that disproportionately over time.”
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