East Coast Australia gas and electricity prices surge due to a gas cartel, causing worldwide record highs.

Gas and electricity prices surge in Australia's East Coast due to a gas cartel, causing the highest costs worldwide. Gas prices exceed the $12/Gj price cap set by Albo, and electricity prices rise sharply, leading to a potential spike in the Producer Price Index amidst collapsing global commodity prices. Without addressing the gas cartel, Australia may continue to experience frequent energy shocks, negatively impacting the nation's economy. On August 5th, electricity prices reached $16,000 per MWh in New South Wales and Victoria, coinciding with a significant drop in wind power.

August 06, 2024
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