From RBC research report, page-103

You could look at it another way.

STX have CSBP to supply 2022 and would have had to have a GBA in place to supply the gas. It would appear that the CSBP contract on its own wasn't viable for AGIG to deliver the gas. WGO (not the JV) were awarded this lucrative contract from the largest gas buyer in Australia. Ask yourself why didn't STX mange to pick this up ?

Never the less the GBA then has to kick in however it will only be on 50% of the difference.

Therefore if it wasn't for WGO it's doubtful if STX could supply CSBP.

I doubt anyone on HC really knows what the contracted prices for the sale of gas is however the CSBP was a pre sold agreement so can one assume it was discounted.

So imo WGO contract underpins WE