The Australian Energy Market Operator (AEMO) has made an extraordinary move and for the first time suspended the whole east coast electricity market until further notice. energy power auspol
The Australian Energy Market Operator has made an extraordinary move and for the first time suspended the whole east coast electricity market until further notice, as it works to restore calm to the increasingly volatile grid.
Power generation companies are paying sky-high prices for coal and gas. They were repeatedly withdrawing electricity supply from the grid as it became less profitable, triggering AEMO to issue legally binding directions forcing them to fire back up to prevent blackouts, for which they are compensated.
AEMO chief executive Daniel Westerman said taking control of the market to direct power companies to supply electricity where it is needed would simplify and improve the running of the grid.“In the current situation suspending the market is the best way to ensure a reliable supply of electricity for Australian homes and businesses,” Westerman said.
“What the impact of this will be on energy bills is not clear because it’s not clear how long this will need to go on for, what the costs will be, and how those costs will be borne – whether it’ll be borne by generators or if it’ll flow through to consumers.”AEMO will apply special suspension pricing for electricity generation and compensate power companies.
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