Iona gas storage facility drops to record-low supply levels due to high demand amid Victoria’s price cap
is facing a gas shortage which could plunge the electricity market into a fresh crisis.
The Iona gas storage facility in Port Campbell has dropped to record-low supply levels due to high demand amid the state’s price cap.Market Operator warned of the risk of curtailment during peak demand. “AEMO has determined that there is a possibility that market or operational responses may prove insufficient to alleviate the threat. AEMO is considering all other possible options prior to intervening,” it said.Lochard Energy, which owns Iona, said “unplanned coal fired generation outages” and cold weather has increased demand.
“It is the case that gas supply and winter peaking capacity are becoming increasingly tighter on the east coast,” Lochard said in a statement. “This year, unplanned coal fired generation outages and especially cold winter weather have led to Iona customers starting to withdraw gas from storage earlier and in larger quantities than usual.”
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fresh fears of Victorian gas crisisThe Australian Energy Market Operator has warned of looming gas shortages in Victoria as the Iona gas storage facility nears an all-time supply low.
Read more »
Victoria facing gas shortage triggered by price capGas levels at a Victorian plant are at dangerous lows raising the prospect of another dramatic market intervention to shore up the supply of electricity.
Read more »
Cost of living pressures increase as price of white goods skyrocketsThe nation's electricity market could be plunged into a fresh crisis as gas shortages loom in Victoria. ElizaEdNews 9News READ MORE:
Read more »
Albanese govt ‘asleep at the wheel’ on gas crisis
Read more »
Think the cost of living crisis is bad now? Australia’s treasurer warns it will get worseTreasurer Jim Chalmers has warned families will be in for a tough economic time in coming months, ahead of an expected rise in inflation. 7NEWS
Read more »
China banks told to bail out property developers as mortgage boycotts threaten economyRegulator’s intervention comes as thousands of homebuyers refuse to make mortgage repayments as crisis in property sector deepens
Read more »