Ann: DEL Enters Landmark Collaboration Agreement with Brickworks, page-57

Yes, that's a good point NEM vs WEM. While I do agree with differences in the absolute values on the East vs West coast, the trends are actually moving in the same direction. They may not end up losing money on their retail business, but I think a zero is still a high probability for the short term.

Take a look at the 1H21 results which had ~8.13% margins, while 1H22 results were down to ~2.9%. Since then the average price is up ~15% in 2H22 compared to the previous year. While Delorean's management are trying to lock in lower prices via longer term contracts etc, there's no guarantee this will filter to the bottom line in FY22. Moreover, Delorean now have a license for the NEM - if they follow the same model of selling to customers before they have the capacity to generate the energy via their own assets, they'll face the same issue as other retailers on the East coast.

I hope I'm wrong, but not something I'd be ignoring.