as prices globally are soaring as major global importers desperately seek alternatives to Russian supplies. The surge in demand is a boon for Australia as one of the largest exporters of liquefied natural gas, but prices are rapidly rising locally too – putting sustained pressure on households and businesses.Russia’s invasion of Ukraine uprooted the global energy market.
As coal increases in price, the cost of producing coal-powered electricity in Australia rises. To compensate, some Australian energy generators have increased gas power generation, increasing demand for gas.as a result of faults in ageing generators or much-need maintenance. Australia’s largest energy retailers, such as AGL Energy and EnergyAustralia, will be able to cope with the squeeze better than smaller players because they have deeper financial clout and access to better hedging. As a result,Prices are rising, and it has significant implications for Australia’s $2 trillion economy.
In 2017, the Turnbull government legislated the Australian Domestic Gas Security Mechanism in response to concerns that Australian producers were not supplying enough gas to the domestic market, driving up prices locally.
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Energy company tells customers to leave before prices skyrocketIn what might first appear an act of corporate suicide, an Australian energy company is urging customers to jump ship before their bills double. 9NewsMelb Thankfully Albo will fix it, he promised to lower the cost of living and increasing wages, can’t wait to be paid more. Australia is self-sufficient? 9NewsQueensland It’s also very advantageous for the company as they are not left exposed to the spot price if there hedging is out (as i suspect) 🤷♂️
Source: 9NewsAUS - 🏆 10. / 72 Read more »