why do you panic buying AGL, here is my point, page-17

Small clarifications on great overall picture you've laid out.

AER sets the rules market rules, using input from the participants and even public. This applies to the regulated segments, such as transmission and distribution, and the way the wholesale market works for the individual commodities that are competitively bought and sold such as MW, Frequency Control (FCAS) and other ancilliary services like Black Start. AEMO handles the payments, and operates a market in emergency conditions when the mainmarket cannot, such as the RERT market. There's the AEMC which oversees the AEMO and sets its rules. The Energy Security Board ESB is a Turnbull add on, which attempts to balance the competing objectives of emissions, reliability and price.

The transmission and distribution charges are set by Essential Services Commission in each jurisdiction. The earnings rates the Network Operators are entitled to on capital employed and penalities for poor performance are set with input from the operators and users, whose interests align only partly.

SKI is Australian listed minority shareholder in the transmission and distribution networks in NSW, SA and Vic. The majority ownership is Chinese companies. WA, QLD have state and privately owned Networks with competition from Private and State owned generators and retailers.

Tasmania is state owned, and participates in NEM via BassLink cable and Gas pipe.

WA is not part of the NEM but it's two main grids NWIS and the larger SWIS trade through AEMO.

AEMO operates on cost recovery basis, and has been growing its costs with political cover for an activist CEO from US, who has since departed. Women make up the leadership of AEMO, ESB and AER.

The gas transmission pipelines are also mostly regulated monopolies and there are really only 3 players with APA by far the largest.

Gas distribution networks are similarly regulated monopolies.

Most significant power stations fueled by gas are connected to Transmission pipelines directly. Some coal plants have a small gas connection for pilot fuel, although most use oil as pilot fuel. Some but not all gas fired plants can also run on oil, useful when gas supplies are tight during peak load conditions. The price penalty to burn oil is easily offset by the wholesale prices available in these peak times. Compared to average wholesale price of $50-100, the peak price is capped at $13000, though this may not be reached in some years, in others it can occur for several hours at a time over multiple days.

AGL are strong in dispachable base-load dispatchable peak, renewable and dipatchable hydro sectors of whole sale market. They are the most agile of all the players, in my experience, and virtually none of their business is regulated.