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And now a few of their friends may very well be pushing again towards charges anticipated to be charged by the market operator.
Let’s take a better have a look at the battle that could be about to warmth up between power retailers and the AEMO.
ASX 200 power retailers suffered in June
Right here’s how ASX 200 power retailers carried out amid the chaos final month:
- The AGL Vitality Restricted (ASX: AGL) share value slumped almost 6% in June
- The Origin Vitality Ltd (ASX: ORG) share value plunged 16% final month
A lot of the latter’s tumble was resulting from the withdrawal of the corporate’s monetary 12 months 2023 steerage amid volatility in power markets.
Vitality retailers might battle towards AEMO charges
Six power retailers have thought of waging a authorized battle towards AEMO charges following final month’s cap on wholesale energy costs, the Australian Monetary Assessment (AFR) just lately reported.
The unnamed firms have reportedly regarded to dispute a invoice that may see them not directly compensating electrical energy turbines. In accordance with the publication, they might possible declare turbines are being provided an excessive amount of compensation.
AEMO ordered turbines to provide electrical energy final month. It did so in a bid to maintain lights on amid the cap on power costs. The operator now plans to pay turbines for power produced and compensation for extra losses.
Most of that compensation – reported to be price tens of millions – shall be recovered from power retailers.
However already struggling retailers – that are typically hedged towards energy costs – are uncovered to such compensation prices, the AFR reported. The publication says the payments will possible land on power retailers’ desks from November.