Australia’s energy woes are mounting with the market operator warning of potential gas supply shortages on Thursday, one of the largest generators issuing a profit warning and more retailers turning away customers as wholesale power prices soar.
Just hours after the new treasurer, Jim Chalmers, warned of a “perfect storm of energy price spikes … doing enormous damage to our employers, to our households, and to our national economy,” spot power prices soared towards $1,000 per megawatt hour in most of the east coast grid after an alert – later cancelled – that Victoria was facing evening reserve shortages.
Nudging $1000 per megawatt-hour in the National Electricity Market this evening (even as the Lack of Reserve, level 1, was cancelled for Victoria.) (Source: @AEMO_Energy ) pic.twitter.com/Ff35qNhL2b
— Peter Hannam (@p_hannam) June 1, 2022
