Associated News, page-3377

Record week for TPS under QPME ownership, with $4.6m+ in revenue just this week alone. The gas transported to TPS was unusually high over some days, not sure if this was because they had a build up of gas in the NQGP ready to deploy for volatile events such as this (they can build up to 30 storage hours) or if Dyno had a temporary pause in needing gas, they tend to only have one annual shutdown period. Either way, pretty outstanding result. More volatility being priced in for tomorrow too, I would expect that with Callide C being out of action and Callide B not running at full capacity, this strain on the whole market across each state will carry on. Pricing will likely soften out towards the end of this month (Callide C meant to return to service Aug 26th also) and slowly increase from end of October onwards as per season trends. October should in theory be very weak as renewables peak at this time, so with all the new renewable projects it will be interesting to see how pricing does in fact playout.

Looking forward to more news around the new wells which commissioning of the first is well ahead of schedule, aswell as the new contracts for TPS and NQGP. Getting the new wells online and producing as much as possible before summer season approaches is huge and lowered fixed costs would be super helpful while they get MGP ramping up from Feb 2025 onwards.