Australia escaped the worst of the global energy crunch, IEA says

Australia escaped the worst of a crippling global energy crunch in 2022, the International Energy Agency said, though wholesale prices more than doubled in the last six months of last year.

Italy was the hardest hit, the IEA said, with wholesale electricity prices topping more than $US300/MWh . The IEA said nearly all of Europe was hit, with wholesale electricity prices in France, Germany and the UK all topping over $US250/MWh.Europe’s energy crisis was ignited by Russia’s invasion of Ukraine and the sanctions imposed by the bloc on Moscow. In response, Russia refused payment for gas in dollars and cut supplies to some countries.

While economic forecasts suggest a slowdown – the IEA said it expects electricity usage in Australia to grow at slightly above 2 per cent out to 2025. “Over the forecast horizon, we see continued growth in renewables output of around 12 per cent annually as a result of ongoing capacity growth,” the IEA said.

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