At the time of the conference call (23/07/20) Cooper had already invoiced APA $20 million for LDs. This was the maximum possible at the time. In hindsight, no doubt the cap of $20 million is far too small for issues that have dragged on as long as this.You're right LDs don't cover the difference between spot prices and prices under the GSA. Again, it was mentioned in the conference call (about 09:10 minutes in), that on days where COE is selling gas up to the revenue of the daily LDs then there's no LDs payable.
You're right LDs don't cover the difference between spot prices...
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