Australia’s energy troubles didn’t come from nowhere. A confluence of short-term and longer-term economic, geopolitical, political and even weather-related forces have sent prices soaring joshgordo
The spike in gas prices has been variously described as “apocalyptic” and “a perfect storm”.
There have also been domestic forces at work. Australia’s ageing fleet of coal-fired power plants has been plagued by unplanned outages. This has cut the supply of electricity to the energy grid, adding to the pressure placed on gas, which can be cranked up at short notice as an alternative source of electricity generation.
Weather has also played a big part. Floods in Queensland and NSW affected coal supplies. And a recent cold snap has further fuelled demand for gas to warm homes, sending prices even higher. But under the current rules, the export control could not be used until January 1 at the earliest, to give time to consider whether there will be a shortfall – and only if there was a shortage of gas.
The government also remains deeply reluctant to pull the export control trigger, out of fear it could jeopardise Australia’s reputation as a reliable international exporter, particularly when other countries are bearing the cost of sanctions imposed on Russia.That depends on a range of factors, such as the performance of coal-fired generators and the amount of wind and solar power being generated over the winter, EnergyQuest chief executive Graeme Bethune said.
Driving cars on Sundays was banned in some European countries during the 1973 oil crisis, prompting a boost in alternative modes of transport.You can get a sense of where power prices might be heading from a, which sets basic “default” power bill price increases in NSW, south-east Queensland and South Australia. It said that from July 1, basic electricity bills for households would be allowed to increase by as much as 8.2 per cent above inflation.
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.
Why Johnny Depp and Amber Heard's legal battle could have a long way to run yetThe verdict in the defamation case between Johnny Depp and Amber Heard made big news, but a high-profile lawyer says 'it's almost inevitable' the dispute has some way to go before it is all over.
Read more »
Why you should vote 1 against political satireModern satire is often just someone in a suit shouting ... and changing no one’s mind.
Read more »
Get ready for even higher gas prices (and here’s why)Prices are on the rise amid a global energy crunch, and it threatens to heighten pressure on households, businesses and the country’s $2 trillion economy.
Read more »
Why these three young guns have a claim to most improved player of 2022Every season the AFL sees a handful of players improve out of sight on the output from the year before, and while 2022 has seen plenty of movers, these three players stand out as possibly the best.
Read more »
Why are gas prices so high, and what does it mean for your power bill?Explainer: Why have prices skyrocketed? What does the weather have to do with it? And is there anything that can be done? | joshgordo
Read more »
Why the Nats dumped Barnaby Joyce - ABCYour home of Australian stories, conversations and events that shape our nation.
Read more »