: Skyrocketing energy prices leave Australias smaller energy suppliers out in cold #IndiaNEWS #International Sydney, June 1 | As Australia heads into winter and people switch on their heating, energy

@IndiaNEWS

Posted in: #IndiaNEWS #International

Skyrocketing energy prices leave Australias smaller energy suppliers out in cold #IndiaNEWS #International
Sydney, June 1 | As Australia heads into winter and people switch on their heating, energy costs have spiked due to surging demand, leaving smaller electricity retailers unable to weather price shocks.
Peak national employer organisation, the Australian Industry Group (Ai Group), referred to the rises in energy prices as apocalyptic on Tuesday, Xinhua news agency reported.
Apocalyptic rises in energy prices threaten chaos for industry and pain for households. They demand a national, integrated and strategic response, said Chief Executive of Ai Group Innes Willox.
The extraordinary price rises, including a 50-fold spike in wholesale gas prices in (the Australian state of) Victoria, said Willox.
He added that the spike in prices was a combination of outages at local coal plants and international coal and gas shortages driven by the Russia-Ukraine conflict.
As a result of the sudden price fluctuation, Australias peak energy regulator, the Australian Energy Market Operator (AEMO), has put a cap on price increases.
This has left smaller companies like Queensland retail budget supplier, ReAmped Energy, unable to absorb costs and with no option but to send customers away.
On Wednesday ReAmped Energy CEO Luke Blincoe urged customers to switch to larger retailers as soon as possible.
The truth is that the more customers we have, the higher our prices will need to go staying with us could mean your prices have to double soon, said Blincoe.
Willox said any solutions to the current price pain would not be simple, and noted that Australias reliance on foreign commodities, which once had diversified Australias energy needs, was now making it vulnerable to international conditions.
The most sensible steps on both the supply and demand sides to build for the future and reduce our exposure to fuel costs will take time to deliver. Short-term responses to help vulnerable industry and households will also be needed.
Over the past week, Australias state governments have issued varying support payments for residents struggling to pay their energy bills.
Source: IANS
The post Skyrocketing energy prices leave Australias smaller energy suppliers out in cold appeared first on Bhaskar Live English News.

Intraday stocks under 50 NSE India Twitter of India

Vote Up Vote Down

Login to post a comment!