After a week of uncertainty over the gas price crisis, the nation’s energy ministers have agreed to a plan to pay providers to help fill shortfalls in supply. Key points: Energy prices are spiking due to domestic and international factors Ministers have agreed to a plan to safeguard the system The market operator will end up with more responsibility for supply Federal energy minister Chris Bowen and his state and territory counterparts met on Wednesday to discuss solutions to the market crunch — but there were limited options with the budget deep in debt and no short-term fixes available. Mr Bowen says the meeting was not a “silver bullet” for the current price surges, but they would ensure the market would be in a better position for future crises. The ministers have agreed to advance work on a capacity mechanism, which will require the energy retailers to pay power providers to maintain extra capacity in case it is needed. Mr Bowen says he wants to see a draft for that plan from the energy security board as soon as possible. “We have instructed the Australian Energy Market Corporation and the energy security board to proceed at pace with the development… Read full this story
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Not a 'silver bullet', but new plan will better the energy market, Bowen says have 284 words, post on www.abc.net.au at June 8, 2022. This is cached page on xBlogs. If you want remove this page, please contact us.