Hendrous,Not sure whether you fell into the same trap as me,...

Hendrous,

Not sure whether you fell into the same trap as me, carelessly misreading the QR to conclude that AOE are getting about A$17/GJ for gas sold as electricity.

I neglected to recognise that a lot of the electricity was generated from third party gas:
*Daandine PS Arrow 100%, but Shell supplies 30% of the gas
*Townsville PS Arrow 50%, but only supplies 35%
*Braemar 2 PS Arrow 75%, but Origin still supplying a lot of the gas, Arrow only supplying 70% of the rest (Shell 30%).

The true figure must be close to A$10/GJ imo, but I can't make any balance on it without knowing how much gas Origin is supplying to Braemar.

Another thing I can't figure out is the intersegment sales for FY2009. It looks to me like AOE's gas business sold 7.0 PJ to it's electricity business (17.2 net prodn vs 10.2 net external sales) for only $12.2 mm income ($1.75/GJ). Looks too cheap to me, why would they do that, or have I missed something?

EL