Australia suspends electricity market to stave off blackouts

SYDNEY: Australia's energy regulator seized control of the national power grid on Wednesday , suspending a market-based system roiled by soaring prices and the threat of widespread blackouts.

But the market has been thrown into turmoil by a series of supply and demand shocks, and the regulator is now stepping in to set prices and marshal distribution. The supply issues have been exacerbated by a cold snap across the east coast, prompting calls from electricity providers for households to conserve energy.

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Explainer: What led to the US stock market rout and how will it affect Asian markets?SINGAPORE — The S&P 500 confirmed on Monday (June 14) that it had entered bear market territory after the benchmark index fell for four days straight.
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