Soaring coal prices will keep power bills elevated even if the federal government intervenes to lower the cost of gas, according to industry and energy experts. | By micksfoley
sold on the east coast, and Prime Minister Anthony Albanese said on Monday he wanted to see action “as soon as is practicable”.
“So high fuel costs for gas peakers [quick-start gas plants] are expected to have an important impact on electricity prices, but only part of the time, while coal prices will have a much more frequent impact.” Gas and coal prices have both jumped this year amid a global energy crunch sparked by bans on Russian fossil fuel exports following its invasion of Ukraine in February.
Zembrodt said the futures market, used by electricity retailers to guarantee energy supply at a certain price, was rising to reflect the spike in coal prices and her customers are “facing extremely high electricity prices, extremely high gas prices”.
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