AGL Energy has issued a massive profit upgrade as it prepares to slug customers with bill increases of up to 30 percent, igniting the share price. Shares in Australia’s largest electricity generator surged 11.3 percent or $1.09 (US$0.75) to $10.75 (US$7.4) in afternoon trade as the top performing stock on June 16. As Australia’s largest…
Australian Taxpayers to Fund $450 Million Compensation Bill to Queensland Power Plant
Australian taxpayers will be footing a bill of up to $450 million (US$300 million) to compensate for the potential losses incurred by a power station due to the Labor government’s energy price relief policy. Mining giant Rio Tinto, the major shareholder of the Gladstone Power Station, will receive the lump sum to offset the impact…
Huge Investment Needed for Smooth Transition to Net-Zero: Energy Regulators
Significant investment and coordinated policy reform with a persistent focus on cost management is needed for Australia’s National Energy Market (NEM) to smoothly transition to net-zero. The Energy Security Board (ESB) released its annual Health of the NEM report after a tumultuous year, with surging wholesale energy prices and a temporary suspension of the entire…
‘Impossible to Continue Operating’: Australia’s National Energy Market Suspended
June 15, 2022
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AustraliaAustralia energy marketAustralian Energy Market OperatorBusiness & Marketsenergy crisisWorld
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The Australian Energy Market Operator (AEMO) has suspended the entire national energy market from June 15 at 2:05 p.m. after it was deemed “impossible” to continue operating the spot market while ensuring a reliable energy supply. AEMO Chief Executive Daniel Westerman prefaced the announcement by revealing the market operator had been forced to direct 5,000…
‘We Are Entering the Electric Age’: Former Australian Chief Scientist on Global Push to Net-Zero
Former Australian Chief Scientist Alan Finkel said humanity was undertaking an age defining transformation of energy systems in its global push to net-zero. “So substantial that in the naming traditions of the stone age, the iron age, the bronze age, and the industrial age, it could be argued that we are entering the electric age,”…
Australian Households Across East and South Australia Brace for Jump in Power Bills
May 26, 2022
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Annastacia PalaszczukAustraliaAustralia energy marketaustralian energy regulatorBusiness & EconomyeconomyWorld
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Millions of Australians will be confronted with another cost-of-living pressure, with electricity bills set to jump from July 1 after the national energy regulator announced the lift in response to soaring wholesale prices. The Australian Energy Regulator (AER) revealed that the new default market offer (DMO), a price cap that protects consumers from unjustified high…
Energy Security Is National Security
March 25, 2022
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affordable energyAntónio GuterresAustraliaAustralia energy marketBusiness & Economyeconomyfuel pricesGreat Barrier ReefinflationOpinionScott MorrisonViewpointsWorld
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Commentary As Ukraine burns and a worldwide inflationary crisis threatens to crush the living standards of working people everywhere, out-of-touch political elites continue to bring the global conversation back to climate change. Even as climate evangelists like Boris Johnson and Elon Musk call for a temporary pause on the rollout of “renewable” energy as fuel…
Tech Billionaire’s Bold Takeover Bid Lacks Understanding of Power Grid Stability
February 22, 2022
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AustraliaAustralia energy marketBusiness & Economycoal plantsOpinionRenewable Energysolar energyViewpointswind energyWorldzero emissions
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Commentary With his bid to buy AGL, an Australian energy giant, and transition it to renewables, Mike Cannon-Brookes shows he does not understand the broader operating characteristics of the electricity market. The early retirement of coal fired power stations will drive up the cost to consumers for electricity. This is because of the requirement to invest…
Top Energy Retailer Fined After Cutting Gas, Power to Victorians
Australia’s largest energy retailer, Origin Energy, has been slapped with close to half a million dollars in fines after cutting power and gas to struggling Victorians without providing any clear payment help options. Origin self-reported the breaches to Victoria’s Essential Services Commission (ESC) which found that, between February 2019 and February 2020, the retailer had…
Renewables Push Could Blackout Australia Without Total Grid Reform
A total reform to Australia’s grid is urgently needed, or else the transition to renewables could spell disaster for energy security, says the government’s Energy Security Board. The board told state and federal leaders at the National Cabinet on Wednesday that Australia’s accelerated conversion from coal to wind and solar had to be accompanied by…
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