Stillwater Pastoral Company Pty Ltd v Stanwell Corporation Ltd [2024] FCA 1382

FEDERAL COURT OF AUSTRALIA Stillwater Pastoral Company Pty Ltd v Stanwell Corporation Ltd [2024] FCA 1382 File number:

Judgment of: SARAH C DERRINGTON J

Date of judgment: 4 December 2024

COMPETITION – misuse of market power – where applicant alleges respondents took advantage of substantial market power in the National Electricity Market (NEM) – where respondents engaged in late rebidding in the NEM – whether respondents took advantage of substantial market power to spike the spot price of electricity with the expectation or intention that other market participants would be unable or unlikely to respond competitively (Short-notice Rebidding) – whether respondents' conduct contravened s 46 of the Competition and Consumer Act 2010 (Cth) (CCA) COMPETITION – misuse of market power – defining the relevant market for purposes of s 46 of the CCA – design of the NEM – whether relevant market wider than Queensland region of the NEM Catchwords: COMPETITION – misuse of market power – whether respondents had a substantial degree of market power within meaning of s 46 of the CCA – competing economic approaches to assessment of substantial market power – nature of constraints within the NEM on substantial market power – "aggregated" market power – whether respondents together had a substantial degree of market power within meaning of s 46(2) of the CCA COMPETITION – misuse of market power – whether respondents took advantage of their market power – where applicant alleges respondents engaged in Short-notice Rebidding in reliance on trading strategy with the purpose of deterring or preventing other market participants from engaging in competitive conduct – where applicant relied on thirteen examples of alleged Short-notice Rebidding to prove its case (Sample Intervals) – whether respondents engaged in Short-notice Rebidding in any of the Sample Intervals – whether alleged purpose established on the evidence CROWN – immunity – where respondents government owned corporations within meaning of Government Owned Corporations Act 1993 (Qld) (GOCA) – whether respondents "related" within meaning of s 4A of the CCA – whether State of Queensland a "company" within s 4A(4) of the CCA – whether respondents "emanations of the Crown" – whether GOCA confers on the shareholding ministers or the State of Queensland control of the respondents EVIDENCE – inferential reasoning in civil cases – where one respondent called no witnesses on issue of alleged conduct – whether Jones v Dunkel inference ought be drawn – where relevant possible witnesses former employees