The national competition watchdog will conduct a forensic investigation into spiralling energy prices, including an urgent assessment of power companies that are accused of gaming the market by withdrawing electricity supply during last week’s crisis that sparked rolling blackout warnings.
Cass-Gottlieb said the ACCC has the power to compel power companies to open their books so she and the regulator can determine “if there were false or misleading bidding, including failing to bid on the spot market with the purpose of manipulating or distorting prices”.as it neared meltdown, after power generators across the grid withdrew their supply, with many claiming the high cost of coal and gas made it impossible for them to operate profitably.
But industry is now warning further increases in power bills could cripple businesses if state and territory governments splinter the national electricity market by adopting differing models for managing their transitions from fossil fuels to renewables.
micksfoley NickToscano1 The corporate world can cheat citizens out of their money,but those living in poverty are imprisoned for petty theft to survive,something is seriously wrong with our two sets of laws and values.
micksfoley NickToscano1 and WHO wrote the contracts.........?
micksfoley NickToscano1 Derr… Blind Freddy knows the energy market is gamed 😂
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Source: FinancialReview - 🏆 2. / 90 Read more »