Does anyone understand the national electricity market? 7NEWS
Western Australia runs its own system, as does the Northern Territory.Still, the NEM is one of the world's longest interconnected power systems - from Port Douglas in tropical far north Queensland to South Australia's Eyre Peninsula and the bottom tip of Tasmania.
Under the shock arrangement, compensation will flow from taxpayers to big generators to make up for loss of revenue from selling into an otherwise lucrative market. Albeit less gargantuan, yet another set of legal rules regulates the selling of energy to millions of consumers.Power is no doubt an essential service, especially amid the coldest start to winter in more than 100 years in some parts, while summer heatwaves can also be killers without affordable and reliable air conditioning.
The futures contracts provide retailers with a consistent price, while for generators they can provide a steady stream of income.Well, that's complicated too. And then there's the agency assigned to look out for households and businesses, the Australian Competition and Consumer Commission .The Electrical Trades Union reckons it has been sounding the alarm for years and wants another independent review.
Some generators made a commercial decision to withdraw supply, adding to the fragility of a network where AGL's capacity ageing coal-fired power stations are on the blink. "That's like, I had cake for 30 years and I suddenly want to be fit tomorrow. Well, that's not going to happen," he says.
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