CMQ 0.00% 8.3¢ chemeq limited

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  1. 161 Posts.
    epic energy As far as I hazily recall, Epic Energy was formed to operate the Dampier-Perth pipeline and/or the gas, after its parent, Duke Energy, bought it in a bidding context.

    Mr Williams was appointed CEO. After a while Duke had to negotiate a higher price for the gas from the WA government to make ends meet. The government refused, so Duke sold and closed Epic.

    I think it was acknowledged that Duke paid too much in the first place, and I think various parties including the media also acknowledged that Mr Williams had nothing to do with that.

    The only possible level of blame might be that he may have been part of the team which failed to get the government to make the politically unpopular move of raising gas prices to its voters, a move which was a deliberate calculated risk made by Duke - not Epic - in the first place when it knew it bid too high for the assets.

    I had no interest in Epic at the time, and took only passing notice. So I could be wrong in this story, but unless someone can correct me, I fail to see how Mr Williams was responsible for Epic's demise or that his management role there and his role at Chemeq can be linked.

 
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