Energy Minister Chris Bowen says giving AEMO the ability to buy and store gas for use during energy shortages will be “implemented quickly”. Follow our news blog with rpjward
Energy Minister Chris Bowen says giving AEMO the ability to buy and store gas for use during energy shortages will be “implemented quickly”.Federal Energy Minister Chris Bowen at the energy ministers’ meetingWholesale energy prices have been soaring just as winter begins and Bowen hopes that the energy market operator can help release some of those cost pressures by purchasing gas for use when prices surge.
“There was a real spirit of cooperation around the room and state and territory colleagues had Labor, Liberal and Greens represented at the table and we all agree that we’re in this task together. “Some of the immediate things are like giving AEMO the power to buy gas and keep it in storage can be released in crises like the ones we faced last week will have a pretty early effect, and certainly give us more powers to help us navigate crises like these [in future].”
“That will be implemented very quickly and gives AEMO those powers to help us navigate this, crisis and ones in the near future as opposed to say our agreement to have what I call a supercharged, integrated systems plan and agreement to have all the investments across all the technologies necessary for the messy transition that we need to do to renewables to have that integrated and state federal level.
The Reserve Bank’s decision to raise interest rates more quickly than anticipated has heaped further pressure on Victoria’s finely balanced budget and cast doubt over the Andrews government’s claims the state will be back in surplus within four years.in more than two decades, with the official cash rate now 0.85 per cent. The rate has jumped 0.75 percentage points since state Treasurer Tim Pallas handed down his budget on May 3.
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