Hi there. It's Thursday, June 16 and you're reading The Loop, a quick wrap-up of today's news.
Let's start here: ~Watts~ going on with electricity?
It's been a wild week for eastern Australia's electricity market, with threats of potential blackouts, price caps and a market freeze as authorities try to maintain enough supply.
Here's a quick look at the situation right now:
- Yesterday the Australian Energy Market Operator (AEMO) effectively seized control of the energy market, suspending the spot price for wholesale electricity across the country for the very first time
- Today Federal Energy Minister Chris Bowen insisted the unprecedented intervention to avoid blackouts would continue for as long as necessary
- Households and businesses are still being urged to try to conserve power, and while the New South Wales grid was expecting to be under "significant pressure" tonight, AEMO says reserve power levels in that state have now "improved markedly"
- AEMO says there have been "significant improvements" in generator availability and limitations today, but it's "still too early to say when the market will resume normal operations"
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Prime Minister Anthony Albanese said the east coast electricity crisis could prompt a reworking of the National Energy Market (NEM) rules, including the incentives for generators to pump electricity into the system
Want to learn more about what caused the crisis and what might happen next? Have a read here.
Today we heard a lot about rising interest rates
The Australian share market closed lower for the fifth day in a row despite an early rally, after the US central bank raised its key interest rates by three-quarters of a percentage point — its biggest hike since 1994 — to curb the highest consumer inflation in four decades.
Here's what we're keeping an eye on next:
- The US Federal Reserve released forecasts showing its official rate could reach 3.4 per cent by the end of the year and 3.8 per cent next year
- The UK is poised for a rate rise as well, with The Bank of England set to raise interest rates to 1.25 per cent when it meets overnight
- Australia's Reserve Bank will make its next cash-rate decision when it meets on July 5, when the rate is expected to increase again
News you may have missed
- In Formula One news, the Australian Grand Prix will remain in Melbourne until 2035, following a 10-year extension of its current agreement, after huge crowds were seen at this year's race. It's great news for local fans, and less great news for those in Sydney
- The latest monthly figures from the Bureau of Statistics showed Australia's jobs market has continued to strengthen, with unemployment remaining at 3.9 per cent last month and underemployment falling to a 14-year low. The Bureau estimated that 60,600 extra people were employed in May, driven entirely by full-time jobs
Here's what Australia has been searching for online
- Nick Kyrgios. The Aussie tennis player was involved in a heated altercation with the umpire over a time violation before composing himself to defeat world number six Stefanos Tsitsipas 5-7, 6-2, 6-4 and advance to the quarter-finals of the ATP 500 Halle Open in Germany, continuing his impressive run heading into Wimbledon
- Ryan Gosling. Warner Brothers shared the first official image of the actor portraying Barbie's plastic fantastic boyfriend, Ken, in the upcoming Barbie movie by director Greta Gerwig. The film isn't out for another year, but today's photo has more than a few people excited (for obvious reasons) …
And in case you missed it, here's the image we got earlier this year of Australia's Margot Robbie, who'll be playing Barbie:
One more thing: Brace for more US insurrection revelations
Early on Friday morning (Australian time) we'll have the next public hearing into the January 6, 2021 insurrection at the US Capitol.
Former US president Donald Trump's efforts to persuade his then-vice-president Mike Pence to illegally delay the electoral count after the 2020 election will come under scrutiny.
To learn more about when the hearing is happening, who the witnesses are and what kind of revelations to expect, head here.
You're up to date!
We'll catch you tomorrow for more.
ABC/wires
