‘Biggest energy crisis in 50 years’: East coast cold snap ignites gas price fears

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Manufacturing and consumer groups are calling on the Albanese government to intervene to stop spiralling power bills, amid the worst energy crisis in decades. auspol energy

A cold snap on the east coast and a shortage of coal at the nation’s largest power station are threatening to deepen the worst energy crisis for Australia in decades, sparking calls from manufacturers and consumer groups for the Albanese government to intervene to curb spiralling power bills.

“It is pretty rough on the incoming federal government, most of which was sworn in yesterday, but we are facing probably the biggest energy crisis in 50 years,” said Richards, whose organisation represents large businesses that rely on gas for energy or as a raw material in industrial processes.

Coal and gas prices in Australia have been driven up throughout the year by war in Ukraine, which has choked global supply, a series of outages in ageing Australian coal-fired power stations, and even flooding which interfered in the mining operations some of those stations relied upon. Tony Wood, who heads the Grattan Institute’s energy program, said there was little the federal government could do in the near term to force prices down. In the longer term, its Rewiring the Nation policy – a $20 billion program to build new transmission infrastructure to link up new renewable energy zones and better facilitate the flow of electricity – should bring more renewable energy supply online and reduce price pressures. But the project could take years, he said.

“Plant outages, as well as seasonal low levels of renewable energy, are contributing to the current tight energy situation, which will improve later in the winter into spring,” the spokesman said. “There is no easy fix.” He said in the current geopolitical climate and in the face of a global energy crunch, any moves by Australia to cut energy exports would not be received well by export customers.

Source: Energy Industry News (energyindustrynews.net)

 

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Nah, everyone voted to turn power off and drive prices sky high. Peoplw will reap what they sewed.

Almost as if a decade of LNP government completely f*cked us

Would love to see AlboMP get into the gas market. Its crazy Australia doesn't keep a proportion for domestic use and we compete to buy our own gas at international market rates

Maybe the Liberals should not have privatised them.

After nine years of complete silence from the sector while there was a pathetic LNP govt, they are now demanding that AlboMP does something? And you never thought to ask them why they were silent while ScottMorrisonMP was failing us?

Climate change is writing the invoice and it’s time for all of us to pay up. There is always a heavy price to pay for negligence. If we are to build renewables, someone has to foot the bill. Same as road infrastructure

Until our government realises the answer, pain will ensure. Adaptation is the key. Renewables will never fill the breach entirely. So much to the chagrin of some. Nuclear is the eventual key. Until then get a fourth job and some other passive income.

Just do what the Libs promised and never delivered under Turnbull, inact gas/coal price protections so Australians don't pay a global price for local product. Works in WA already, SA's somewhat insulated as it doesn't depend on coal...

We are the most energy rich country in the world, yet china can buy gas cheaper from australia than australian companies can buy from Australia. We really are stupid . auspol

But these spiralling power bills are not unexpected; they are inevitable from measures taken to signal that Australia is doing our bit to tackle climate change (while having no meaningful effect on total global emissions)

But Joshy and Matt were adamant just two weeks ago everything was rosy! What's changed?

Yep. They have a magic wand. Wave it and it will instantly stop whatever you wish for. Jesus wept 😢

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