Proga
Energy markets have evolved into pseudo financial markets. Whilst there are underlying commodities traded, the financial engineering in place to generate reliable financial results shouldn't be underestimated.
So what's happening? My guess is the gas is being stored. Letting our pipeline position drift to the top of our imbalance limit doesn't go far (+/- 8%? of throughput) so physical storage or swaps with a larger market player/customer like AGL/Alinta are more likely. Just increases our future options if we're short and the spot price is high.
We're here to see COE develop more gas fields, this requires bank support and banks strongly prefer reliability.
COE can't have much exposure to spot, the risk to the main field development game for a few extra dollars isn't worth it.
imo, dyor please!
jk
AEMO reading, page-478
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