AUSTRALIA TAKING STEPS TO LOWER ENERGY COSTS

10/16/2017

To help lower energy costs, Prime Minister Malcolm Turnbull has threatened gas producers with export restrictions unless they plug domestic shortages. Despite having one of the world’s largest coal and natural gas reserves, as well as ideal conditions for clean power generation, Australia has the highest power prices in the world. Political indecisiveness and climate policy missteps have left the country’s power system in limbo, which has doubled electricity prices and increased the risk of blackouts. Though natural gas was meant to buoy electricity supply while coal-fired plants were shut down, higher paying overseas buyers created a shortage. Along with threatening export restrictions, the government is urging power generators to fix old coal-fired plants and bring them online to help lower the cost of electricity. For the full story see https://www.bloomberg.com/news/articles/2017-10-05/how-energy-rich-aust…