Australian energy ministers have an 11-point plan. Here’s why it won’t bring prices down any time soon

Soaring electricity prices in Australia have been hit by the “perfect storm”, and it is being felt in households across the country.

But one 11 point plan Australian energy ministers released after Wednesday’s meeting won’t bring prices down anytime soon, with federal energy minister Chris Bowen saying there is no “silver bullet”.

So what is this new plan all about? And are there any quick fixes? Let’s break it down.

What happened to energy prices?

Wholesale energy prices have been hit hard East Coast. Why?

A cold spell, rising fuel prices thanks to Russia’s invasion of Ukraine and, at home, the decommissioning of old coal-fired power plants have combined to put pressure on markets – the so-called “perfect storm”.

And none of this is ending any time soon.

#Australian #energy #ministers #11point #plan #Heres #wont #bring #prices #time

Leave a Comment

Your email address will not be published. Required fields are marked *