Power prices rise after companies use rivals’ outages to ‘profit maximise’, Australian regulator says
by Peter Hannam from World news | The Guardian on (#6P95D)
Australian Energy Regulator says behaviour of big power companies was permissible' under national rules but may not have been in the best interests' of consumers
Consumers will face higher energy bills after two of Australia's biggest electricity generators used their market clout to push up wholesale power prices following unplanned outages at rival coal-fired plants, the Australian Energy Regulator says.
In a report released on Wednesday, the regulator examined what caused a significant" price event on 8 May in New South Wales that triggered a key cumulative price threshold being exceeded for the first time in the 26-year history of the national electricity market.
Continue reading...