Energy Minister Chris Bowen says Australians will need to brace for a rough couple of months as the country’s energy producers struggle to maintain enough supply for the its electricity and gas needs.
Australians in Queensland and New South Wales narrowly averted widespread blackouts due to the energy shortage on June 13.
Power availability in the two Australian states was at risk after wholesale electricity prices shot up—due to a confluence of factors—forcing authorities to impose a $300/MWh (US$208/MWh) price cap on wholesale energy prices. In turn, power suppliers refused to bid into the electricity market because of a lack of profitability….