If you're a betting person, put some money on Malcolm Turnbull's "Snowy 2" pumped hydro idea never, ever happening. It's an announcement of a feasibility study for an unfunded project involving tunnelling in sensitive areas that would take years to approve, let alone complete. You'll get more power from burning the media release it's written on.

Which is a pity, because Turnbull's summit with gas industry executives yesterday was his best achievement of recent months. Turnbull's first challenge was to not make the existing situation worse -- which is what the Coalition has managed to do at every step on energy policy for years now. In essence, Turnbull told the big gas exporters to fix the problem of domestic supply or face the heavy hand of government intervention, complete with the threat of export controls (this is, by the way, the first time since 2009 that the Coalition has put its faith in industry mechanisms to deliver efficient energy outcomes rather than impose a heavy-handed big government intervention).