RenewEconomy: Santos windfall: Australia is swimming in subsidised gas and we’re giving it away.
Santos on Wednesday reported an underlying profit for the first half of 2022 of $US1,267 million, a massive increase of 300%.
Much of this is war profiteering and selling gas that was destined for the domestic market in direct contravention of the undertakings given when they built their export plants. Santos categorically stated its project would not affect the domestic market because it would not buy gas out of the domestic market.
But that is exactly what it has done. Santos bought large volumes of gas out of the domestic market in the first half of 2022, forcing domestic prices above export prices in the last six months.
These actions have generated super profits, gouged from domestic gas consumer and forcing up domestic electricity prices to unaffordable levels. Santos has broken its approval conditions and IEEFA calls on the government to cancel their export licence.
