The Australian Energy Market Operator has made an extraordinary move and for the first time suspended the whole east coast electricity market until further notice, as it works to restore calm to the increasingly volatile grid.
Power generation companies are paying sky-high prices for coal and gas. They were repeatedly withdrawing electricity supply from the grid as it became less profitable, triggering AEMO to issue legally binding directions forcing them to fire back up to prevent blackouts, for which they are compensated.
AEMO chief executive Daniel Westerman said taking control of the market to direct power companies to supply electricity where it is needed would simplify and improve the running of the grid.“In the current situation suspending the market is the best way to ensure a reliable supply of electricity for Australian homes and businesses,” Westerman said.
“What the impact of this will be on energy bills is not clear because it’s not clear how long this will need to go on for, what the costs will be, and how those costs will be borne – whether it’ll be borne by generators or if it’ll flow through to consumers.”AEMO will apply special suspension pricing for electricity generation and compensate power companies.
Labor's alliance with the Green nutters.......Had to come to this sort of madness.
Does auspol not understand that this is the Capitalism they so fervently support. There is MORE THAN ENOUGH power, the power companies are just waiting until they can charge more for it before they 'release' it Capitalismisbroken SocialismNow
Howard's plan of deregulation has worked wonders for Australia, hasn't it? I have never ever seen Australia as chaotic as it's been lately- I'm only mid 60's but Australia is in a mess and I feel for young people trying to forge a career, earn a decent living and buy a home.
The Energy ‘Market’ became an excuse for virtue signalling states to abrogate their responsibilities to their citizens I’m looking at you Victoria and South Australia
BuildBackBetter 🙃🤦♀️
It's spelt N A T I O N A L I S E . Essential services.