Australia’s first community-owned renewables supplier Enova has gone into administration while at the big end of the market, EnergyAustralia has been hit with heavy losses.
it was closely watching for anticompetitive conduct by electricity and gas suppliers as households and businesses were hit by rapidly rising prices.the “safety net” default price determined by the Australian Energy Regulator
Diamond at one stage provided about half Enova’s renewable energy to supply to its customer base, with the rest coming from customers’ rooftops. Enova’s wholesale cost are understood to have at least doubled or tripled the usual level, making its business commercially unviable. EnergyAustralia MD Mark Collette said the company had to buy power on the spot market at higher than expected prices.
CLP told the Hong Kong stock exchange late on Monday that accounting revaluations of sold energy contracts held by EnergyAustralia had surged from a loss of $HK2.5 billion at the end of March to $HK7.2 billion at the end of May. It said the changes in the “fair value” of the contracts were due to “challenging and extreme market conditions in Australia”.
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