Australia suspends electricity market to stave off blackouts

📆 6/15/2022 3:39 AM
📰 ChannelNewsAsia

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SYDNEY: Australia\u0027s energy regulator seized control of the national power grid on Wednesday (Jun 15), suspending a market-based system roiled by soaring prices and the threat of widespread blackouts. The Australian Energy Market Operator said it had \u0022suspended the spot market\u0022 for electricity in \u0022all regio

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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