Australia’s east coast energy market operator has made the right decision in the circumstances toThe wholesale electricity market is the financial engine of the National Electricity Market, designed by governments in the late 1990s to match power generation with demand at lowest cost. It has been largely a success since then.
Prices began to rise alarmingly, from less than $100 per megawatt hour to $300 and more. Gas generators, usually the safety valve to meet short-term peak demand, were unable to meet demand either because of gas delivery constraints or because the price they had to pay on the spot market was too high even with the elevated power prices.AEMO used all the tools at its disposal to try to correct the market, but they were clearly inadequate for the continuingSo AEMO suspended the market.
The situation was not primarily caused by too much reliance on coal or renewables, the age of the coal plants, or even the failure of governments to implement integrated climate change and energy policy. That price had been around $10 per gigajoule. Demand from Europe to address issues with Russian gas supply after the invasion of Ukraine resulted in that price jumping to about $40, a level unsustainable for gas or electricity consumers in Australia.Instead, the government should sit down with the gas producers and make clear that enough volume at a fair price must be available domestically.
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