The way I read this is Eraring is exposed almost entirely to spot coal prices, which looking at Newcastle coal is c$400 USD per tonne
How risk and compliance allowed that level of exposure to occur is ridiculous
Given ORG usually run a short position, I suspect Eraring wont make any money due to coal prices, but will have no choice but to run at a loss so as to mitigate extreme losses on their retail book
Can only imagine what NSW Nem spot prices would go to if Eraring fell away being the marginal generator it is (currently NEM prices ave $200 to $450/MWh every day now)
Ann: Update on operating conditions and guidance, page-15
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