Deepening energy crisis triggers power price caps in Queensland
Australia’s east-coast energy crunch is continuing to deepen as the market operator orders Queensland power suppliers to switch on extra electricity generation to avert blackouts.
Just before 1pm, AEMO directed a power generator to switch on and supply electricity to the state’s grid. The intervention came after the market operator imposed a $300-per-megawatt-hour price cap to halt runaway wholesale power prices, which limited the volume of bids into the market and reduced reserves.
Graeme Bethune, chief executive of Australian energy consultancy EnergyQuest, said the price rises across the grid had been “extraordinary”.
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