Australia’s Power Grid Is Being Cornered by Its Own Generators - Bloomberg

2022-06-24 21:48:44 By : Mr. Mr Jiang

The only daily news program focused exclusively on technology, innovation and the future of business from San Francisco.

Bloomberg Chief Washington Correspondent Joe Mathieu delivers insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy.

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Electricity is essential infrastructure — but it’s being held to ransom by a dying coal industry. 

In commodity markets, there are few phenomena more feared than a corner.

If a few traders become too dominant, they can at times set prices at will by withholding supply, driving values to ridiculous levels. That’s what happened when the Hunt brothers cornered the market in silver in 1980, sending it to prices that are still a record. In equity markets, short squeezes like the one that caused Volkswagen AG to briefly become the world’s most valuable company in 2008 also represent a sort of corner.