Alex Turnbull

Yeah, I mean, one thing in power marks is a spark spread.

So what is the cost to get out of bed for a gas-fired power plant?

So you take the heat rate times whatever the gas price is, and you work out how many hours a day over a week are effectively priced by gas.

And what happened in Australia was we had a lot of solar and not much storage.

And still, the peaks were still very expensive because the gas plants knew they could set the price.

What's happened with this proliferation of storage is that the gas no longer reliably sets the price in those hours.

And particularly in Australia, where it's often somewhat oligopolistic market structure, having...

on average daily prices.

The problem in places like the UK is there's a lot of renewables, there's really no storage, so they're not getting much benefit out of this because they still get priced on the margin by gas.

Market structure design.

They're fixing this right now, and I'm sure they'll be in a very different place in two years.

But it was something of an oversight, I would say.

Well, I mean, like I said earlier, you've already seen it in LNG.

So Asian

buyers outbidding european buyers for now that's obviously pushing up prices for europeans you are seeing more and more tanker traffic from the atlantic basin move towards asia as asia just is happy to there's maybe 10 or 15 more shipping costs but they are willing to bid those barrels at this point they they do not care so the idea that any of these systems are going to be there are friction

in time, but if the pull and the need is that acute in Asia, we'll absolutely find its way to the Western Hemisphere.

I think there's a lot of problems with it, but they're mostly due to overall problems with gas.

First of all, the gas turbines you use to build a power plant in Asia are the same ones you use to build a data center.

gas-fired turbines is well noted, I would say.

Then you have the issue of, say, your customers have been priced out of using gas for that reason alone.