Already suffering the world’s highest power prices, Australian power consumers have watched prices jump by anything up to 28% in 12 months.
The greatest increases occurred, funnily enough, in the all-renewable obsessed Australia Capital Territory, home to the Australian Federal Parliament in Canberra.
The ACT entered power purchase agreements to buy wind power generated (occasionally) in South Australia and Victoria and crows about its very own large-scale solar power plant.
But for every glorious ‘look at me’, virtue signalling moment, there comes a reckoning delivered by economic reality.
While those interested in Australia’s runaway power pricing and supply calamity are heavily focused on what Josh Frydenberg has done to the proposed National Energy Guarantee (STT among them), the other entrenched source of economic punishment shouldn’t be overlooked.
Australia already has in place a system perfectly designed to destroy grid reliability and send power prices through the roof: it’s called the…
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