Hi there. It's Tuesday, June 14 and you're reading The Loop, a quick wrap-up of today's news.
Let's start here: Electricity issues have spread across Australia
Yesterday the Australian Energy Market Operator (AEMO) warned of possible blackouts in Queensland due to a lack of electricity supply.
While that didn't eventuate, today the AEMO warned of possible issues with electricity across multiple states in the coming days.
Here's when your state might be impacted:
- Queensland may see power interruptions from 5pm until 10:30pm tonight (with further interruptions possible on Wednesday)
- New South Wales might see interruptions between 5:30pm and 10:30pm tonight (with further interruptions possible on Wednesday)
- Victoria is forecast to see potential interruptions on Wednesday night
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South Australia and Tasmania were also expecting interruptions on Wednesday night, but their warnings were cancelled late on Tuesday
The supply issues are the result of many factors, including the rising cost of energy.
It's been rising so rapidly that the AEMO stepped in to place a cap on the wholesale price of electricity in Queensland, NSW, Victoria and South Australia.
This led some electricity generators to stop supplying the market, thereby creating a shortfall.
Federal Energy Minister Chris Bowen said the Australian Energy Regulator had put power retailers and producers on notice about trying to game the system during the current energy crisis.
One thing to know: Share markets have slumped again
Nearly $90 billion was wiped off the value of the local share market today after investors took flight because of worries that rapid interest rate rises in the US could cause a recession.
It comes after Wall Street plunged earlier this week, as consumer inflation in the US reached a 40-year high.
So what's next?
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There could be more bad news overnight, with the US Producer Price Index for May to be released. That's basically business inflation at the farm and factory gate, which is also running hot
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On Thursday, we're expecting another rate rise from the US's central bank, the Federal Reserve. Some pundits are tipping a painful 0.75 per cent rise
News you may have missed
- Early this morning the Socceroos made it through to the 2022 FIFA World Cup! In case you didn't see our Sports presenter Tony Armstrong's now-viral reaction to the Aussies beating Peru in a penalty shoot-out to secure their fifth consecutive spot in the World Cup, here it is in all its glory:
- In the second hearing into former US President Donald Trump's efforts to overturn the 2020 election, several insiders have described the chaos that unfolded on election night as his "intoxicated" lawyer Rudy Giuliani concocted a plan to postpone their inevitable election loss
Here's what Australia has been searching for online
- The NBA Finals. For the first time in his career, the Golden State Warriors' Stephen Curry couldn't get a 3-pointer to fall in an NBA post-season game. Curry was 0 for 9 behind the arc in the Warriors' 104-94 victory over the Boston Celtics in Game 5 of the NBA Finals today. The drought ended a streak of 233 post-season and regular-season games in which Curry had made at least one 3-pointer, a run that lasted more than three years. Here's what his teammate Klay Thompson had to say about it:
- Jelena Dokic. The former Australian tennis star has again spoken about her mental health on social media, sharing a story on Instagram with a selfie she took on April 28, a day she "will never forget". The 39-year-old says seeking professional help has "saved her life"
One more thing: Do you love a pub side salad?
If you do, just know that amid the rising cost of lettuce and other groceries, some venues are now asking that patrons who know they definitely won't be eating their side salad to let them know in advance, so they can cut down on waste.
If you want to know more about this dire situation (and how it might affect your next pub trip), check out this story from South Australia.
You're up to date!
We'll be back with more tomorrow.
ABC/wires
