Gas levels at a Victorian plant are at dangerous lows raising the prospect of another dramatic market intervention to shore up the supply of electricity.
Gas at Lochard Energy’s Iona storage plant in Victoria is dropping to near-record levels, driven by soaring east-coast demand.
Victoria is the only state in which a $40-per-gigajoule price cap on gas remains in place to keep a lid on soaring wholesale prices.
“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.suspend the whole east-coast electricity marketVictoria is the only state in which a $40-per-gigajoule price cap on gas remains in place to keep a lid on soaring wholesale prices.
The uptick in demand caused storage at the plant to drop from 48 per cent to 43 per cent in a week. The looming supply crunch prompted the AEMO to issue a “threat to system security” notice in a bid to prevent supply shortfalls this winter.The regulator said gas at the facility dropped to 10.2 petajoules on July 17 and was on track to fall to a record low of 6 petajoules by early next month.
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