badly squeezed by rising wholesale costs or households already aghast at recent price hikes for gas and electricity.Retailers will probably still have to wait until next year to pass on these latest generator compensation costs to households. But most businesses with contracts will shortly become liable for the sizeable difference in extra market costs for every MWh of power they used while generators were under direction from the regulator.
“The extra costs for this acute phase of the energy crisis will be significant and unwelcome to energy users when they land.” In another instance of mind-bogglingly artificial complexity, the $300 MWh price gap is automatically triggered when the cumulative price of wholesale power breaches a threshold of $1.398 million over seven days. That threshold is getting ever closer in Queensland this week.More coal-fired generation is back online in NSW, which should reduce the risk of shortages and further price hikes spreading south.
The west’s cult like fervour for renewables has plunged us into this crisis. It’s empowered grifters and con artists to game the west’s naivety. And yet we persist in this insane suicide mission.
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