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Exposing the Energy Industry’s Greed in Australia

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Profits Over People: Exposing the Energy Industry's Greed in Australia

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In 2022, while everyday Australians struggled with skyrocketing energy prices and the burden of exorbitant bills, energy retailers, distributors, and fossil fuel companies in Australia shamelessly raked in record-breaking profits. As households across the nation grappled with the financial strain of energy costs, the industry giants prioritized their own gains, turning a blind eye to the struggles of the people they were meant to serve. Let’s delve into the disheartening data that exposes this alarming reality.

“I believe the vulpine greed of the corporate world is cut from the very same cloth as the tyrant of history.”

Energy Distributors Maximising Gains

Jemena, a major energy distributor, recorded a staggering $303 million in profits for the 2022-2023 financial year, marking a substantial increase of 38.84%. Despite the mounting challenges faced by consumers, Jemena chose to prioritize its bottom line, neglecting the urgent need for affordable and accessible energy services.

Similarly, Powercor, another prominent energy distributor, reported profits of $903 million, representing a 6% increase. While Australians grappled with financial strain, Powercor seemingly turned a blind eye to their struggles, focusing solely on boosting its already significant profits.

Energy Retailers Prioritizing Money

Energy retailers, who are responsible for providing electricity and gas to consumers, also played a significant role in the profits-over-people narrative. Origin Energy, one of Australia’s largest energy retailers, witnessed a staggering 30% surge in profits, amassing a total of $407 million. This meteoric rise in earnings highlights their focus on financial gain, rather than addressing the concerns of Australians grappling with the burden of rising energy costs.

AGL, another major player in the energy retail sector, experienced a revenue increase of 20.8% at a staggering $13.22 billion. This underscores their prioritization of profit margins, rather than alleviating the financial strain endured by households across the country.

Fossil Fuel Companies Prioritizing Their Pockets

The fossil fuel industry, responsible for supplying over 70% of the power to the electricity grid, shamelessly prioritized their profits over people’s welfare. Chevron Australia, a significant player in the sector, recorded an astonishing $12 billion in revenue for the 2022 financial year. This astronomical figure further exposes their indifference to the financial struggles faced by everyday Australians.

Woodside Petroleum, another major fossil fuel company, also reported record-breaking profits of $9.65 billion. Their financial success, achieved at the expense of the people they serve, exemplifies the industry’s blatant disregard for the well-being of Australian households.

Putting Profits Before People

The alarming profits generated by energy retailers, distributors, and fossil fuel companies in 2022 highlight a disturbing trend within the industry—a focus on financial gains rather than addressing the needs and concerns of everyday Australians. While households were burdened with escalating energy prices, these industry giants reveled in their record-breaking profits, turning a blind eye to the genuine struggles faced by individuals and families across the country.

It is imperative to hold these companies accountable for their actions and demand a change in their profit-oriented mindset. As consumers, we must advocate for affordable, sustainable, and accessible energy solutions that prioritize the well-being of the people over corporate gains.

Shrinking of Arctic Ice

Greenhouse gases keep the energy in the atmosphere intact causing the temperature to rise. This is what we commonly refer to as the greenhouse effect. The greenhouse effect is essential for the existence of our ecology. However an increase in the greenhouse gases can only lead to harmful effects to the ecology and the environment. Studies conducted by the National Oceanic and Atmospheric Administration reveal that arctic ice has decreased by a significant percentage in the last 30-40 years. If appropriate steps are not taken, it might go out of sight by the middle of this century.

Stronger Storms and Hurricanes

As earth becomes more warm, the chances of hurricanes occurring could rise in the future. Not only will they occur frequently but will be more intense, long lasting, stronger winds that have the capability to destroy coastal ecosystems and communities.

Conclusion

The overwhelming profits accumulated by energy retailers, distributors, and fossil fuel companies in Australia throughout 2022 have shed light on a deeply concerning reality—the prioritization of profit over people. While Australians bore the brunt of escalating energy costs, these industry giants flourished, turning their backs on those they were meant to serve.

However, amidst this bleak scenario, there is a glimmer of hope. At Lightning Energy, we stand against the profit-centric approach of the energy industry and strive to put people first. Our commitment lies in providing affordable, sustainable, and customer-centric energy solutions.

With our solar panel installations and battery systems, we offer premium solar energy technology known for its longevity and system life. By harnessing the power of the sun, our solutions empower households to generate their own clean energy, reduce their reliance on the grid, and take control of their energy consumption.

At Lightning Energy, we prioritize the well-being of our customers. We understand the struggles faced by Australian households and are dedicated to offering cost-effective alternatives that align with your needs and values. Our experienced team will guide you through the process, ensuring a seamless transition to a more sustainable and financially viable energy solution.

By choosing Lightning Energy, you are not only taking a stand against profit-driven corporations but also embracing a brighter and greener future for yourself and future generations. Let’s work together to create a world where affordable, renewable energy takes center stage, and people’s needs are the driving force behind the energy industry.

Take the first step towards a sustainable and cost-effective energy solution. Contact Lightning Energy today and join us in revolutionizing the way we power our homes and prioritize people over profits. Together, we can pave the way for a greener and more equitable energy landscape.

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About your author...

Luke Cove

Luke is passionate about renewable energy and has been an electrician for over 15 years. After spending over a decade mastering his craft on the tools, he took to a leadership role within the renewable energy industry.

On a mission to electrify Australia. Luke is known for being at the forefront of his industry offering design, supply, installation and advice on solar panels, solar batteries, lighting, electric vehicles and chargers.

Luke has been known to invest most of his time (and money) in helping people create and experience new lifestyles through clean energy at home, business and with their cars. As well as investing his time training the next generation of climate enthusiasts through his team at Lightning Energy.

3 thoughts on “Exposing the Energy Industry’s Greed in Australia”

    1. Hi Ray! I think they will, we’re really pushing to bridge the knowledge gap between industry and consumer. Most consumers know their power bills fund the power companies, but many are unaware of the profit margins being made when they’re budgets are under so much strain.

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