The suspension of the energy market will be lifted

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An unprecedented suspension of the wholesale electricity market will be lifted on Friday afternoon, the market operator said.

Australia’s power market operator said it was possible to return to normal operation of the national electricity market, with the intervention due to end at 2 p.m. AEST.

“We are currently seeing more normal power supply and distribution through AEMO’s automated resources, as well as reduced power outages and less manual intervention required by AEMO,” the operator said in a statement. communicated.

AEMO announced the suspension last week after a series of events – including shutdowns of coal-fired power plants, a cold spell on the east coast and a spike in gas prices – made it impossible to continue operating the market. cash while keeping the lights on for consumers and businesses.

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The trader said he expected conditions to remain “near-term dynamic” once the suspension is lifted.

Earlier, Opposition Leader Peter Dutton said it was incumbent on the Energy Minister to improve reliability, noting that electricity prices had come down during the coalition’s tenure in government, but had increased when Labor was last in power.

“Chris Bowen has now created this situation where you have uncertainty about supply. Retirees have been told over the winter to be prepared for power outages or hospitals not to keep all their electricity running,” said he declared.

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“It’s a dire situation and I just don’t think Chris Bowen is in control.”

As international circumstances such as the war in Ukraine sent shockwaves through global energy markets, Labor laid some of the blame for the current energy deficit at the feet of the coalition, saying a decade underinvestment in renewables has led to grid failures.

The Prime Minister said he was confident that energy prices could be lowered following investment in new energy sources.

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“The problem at the moment is that renewables can’t integrate into the grid and all the new energy investment, that’s where they’re going, into renewables, because it’s the cheapest form” , Mr. Albanese told the TSWT. 7:30 a.m. program.

“We have to do it right. I am convinced that we can, and in the medium term start to see real improvements, start to see this drop in energy prices.

– PAA

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