ACCC launches probe into energy prices
In a bid to “provide greater transparency” around skyrocketing power prices, Australia’s competition regulator has launched an investigation. Wholesale power prices have increased 5-fold since the start of the year, and PM Albanese has accused some generators of “gaming the system” to rake in higher payments. The ACCC’s probe into energy companies’ profits will report next month. And to avoid ongoing energy shortfalls, the Energy Security Board – made up of the Australian Energy Market Operator, the Australian Energy Regulator and the Australian Energy Markets Commission – has released a draft plan for a new “capacity mechanism” that would pay generators to be on standby to pump out more electricity when needed. The board rejected calls to exclude fossil fuel producers, arguing a spread of generation sources will help smooth the way to net zero emissions by 2050.
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