Australia’s energy market operator will lift the unprecedented suspension of trading on the electricity market after it confirmed that the “risk of any shortfall has reduced markedly”.
The east coast electricity system was thrown into chaos last week forcing the Australian Energy Market Operator Federal Energy Minister Chris Bowen says challenges remain in the electricity market.Many power generators said they could not remain viable under restricted caps which AEMO had imposed on the wholesale prices they charged customers, prompting them to withdraw offers to supply electricity.
“What the chief executive has outlined today is, I think, a prudent and carefully managed approach to return to more normal market conditions,” Bowen said. Power giant AGL has restored two units at its Bayswater power plant in NSW, while a third unit that has been under maintenance since March was due back in early July.