Power generators are exploiting the chaotic energy market by withdrawing power supply from the electricity grid and waiting until strict rules to prevent blackouts kick in, forcing the energy market operator to direct them to fire their plants back up and triggering profitable compensation payments.
But the electricity market is tightly regulated and AEMO has powers, designed to prevent blackouts, which enable it to force generators to fire up units and start supplying electricity to the grid. Whenever AEMO does this, companies are awarded compensation.in a public statement yesterday when it said that directly after price caps were imposed on power companies “available offers were reduced”.
“The Australian Energy Regulator reminded [power companies] of their obligations of the law this morning,” Bowen said. A spokesperson for the Australian Energy Council, which represents major power generators including AGL, EnergyAustralia and Origin, said its members faced a “complex issue” but were seeking solutions to the power crunch.
Smart country, Lucky Country
Who owns these companies?
Shouldn't it be the opposite? Shouldn't they be fined for failing, not rewarded? That's how the gov treats us, maybe they should start treating foreign companies the same bloody way.
What a joke! Greedy Privatisation for a start had already run these plants into the ground! Low or no maintenance for years and no thought for the future! 😡
It’s the power companies that need to maintain their plants. This is a rip off.
Bowenchris something needs to happen here. something needs to change... we're being taken for mugs.
Why are you complaining? This is just the Net Zero you've been clamouring for.
Having Chris Bowen pulling the levers on this crisis reminds me of images of Mister Magoo cartoons😖😤
The Red Ties and The Blue Ties will be furious with their party donors. All the rules and regulations are designed to prevent profiteering, and price gouging. Shirley.
Unconscionable behaviour by the Energy Corporations. Yet another corporate rort.
“The price cap unintentionally means that some plants can’t recover their fuel costs.” Reduce the energy price below the cost of supply, you get no supply.
Hmmmm. Reports of manipulation ? Sort of energy treason I suppose. Energy - An essential service for............. SHAREHOLDERS.
Sounds like a good old fashioned rort. I wonder who enabled this one.
Simply replacing existing coal fired power stations with new ones with modern tech would have seen a massive reduction of emissions in the power sector - between 30% and 40%. Would of kept the lights on too. Oh well, learn the hard way.
They were trying to be woke, now the rest of us are going broke.
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Source: FinancialReview - 🏆 2. / 90 Read more »