As Australians pay the price for decades of poor energy planning, the two single greatest beneficiaries of high electricity prices are Hong Kong billionaires Michael Kadoorie and Li Ka-Shing. Callum Foote reports on two of the big winners from Australia’s electricity crisis.
It’s another big week in the energy crisis. It’s clear who are the losers: Australians. We have been let down by a decade of policy paralysis on the transition to clean energy. The winners are becoming clear too. Not only have energy companies been “gaming” the market operator AEMO by withholding supply to force the operator to pay them more but they also stand to win enormous compensation payments because AEMO has shut down the market.