An extraordinary spike in wholesale gas prices in Victoria of up to 50 times normal levels has prompted the Australian Energy Market Operator to intervene and impose a price cap in a widening of the fall-out since
The elevated prices are similar to the shocking gas and power price spikes in Britain last northern autumn that caused closures of energy-intensive industrial plants and squeezed dozens of smaller energy retailers out of the market.Josh Stabler, managing director of energy adviser Energy Edge, noted that three of the four east coat domestic gas markets were now being administered by the AEMO under imposed price caps.
Victoria’s situation was being exacerbated by very cold weather expected to hit over the next few days from a so-called “polar surge”, resulting in forecast gas demand for the retail market of 1247 terajoules a day, exceeding last year’s peak, Mr Stabler added.
...its the Cartel...reservation now...
you ain't seen nothing yet. wait till 2024.
This gas is ours, we export this elsewhere. Why are we paying so much? Yes, I understand international markets but this seems like a major policy failure to me. Domestic consumers are completely failed by policy makers and energy companies. We are a stupid country!
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Source: FinancialReview - 🏆 2. / 90 Read more »