‘World of pain’: warnings of gas shortages amid soaring power prices add to Australia’s energy woes

Market operator warns of possible shortfall of gas supplies on Thursday in Victoria, South Australia and Tasmania amid cold snap

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Australia's energy woes are mounting with the market operator warning of potential gas supply shortages on Thursday, one of the largest generators issuing a profit warning and more retailers turning away customers as wholesale power prices soar.

Just hours after the new treasurer, Jim Chalmers, warned of a perfect storm of energy price spikes ... doing enormous damage to our employers, to our households, and to our national economy," spot power prices soared towards $1,000 per megawatt hour in most of the east coast grid after an alert - later cancelled - that Victoria was facing evening reserve shortages.

More concerning, though, was a separate warning by the Australian Energy Market Operator (Aemo) that it had identified a possible shortfall of gas supplies in Victoria, South Australia and Tasmania on Thursday amid a burst of cold weather.