Renewables action vital to counter 'apocalyptic' Australian power prices

• A tactical and renewables-heavy response to "apocalyptic" power prices witnessed in Australia has actually been asked for by the Australian Industry Group (Ai Group).

The national company association puts the recent rise of energy prices down to fossil fuel issues-- mostly blaming a lack of coal generation, which has in turn triggered a spike sought after for gas-- and also the ongoing intrusion of Ukraine impacting worldwide coal as well as gas prices.

Innes Willox, president at Ai Group, claimed: "All of Australia's previous energy staminas-- our dependence on the tradition coal generation fleet, huge gas resources as well as a deep complexity with export energy markets-- are working against us in the existing scenarios."

A remedy to discourage price climbing for organizations and property owners alike is "not mosting likely to be straightforward" said Willox, mentioning supply chain issues, a lack of skilled workers as well as nimbyism as a few of the issues renewable energy is facing in Australia.

While long term solutions are being executed and also dependence on fossil fuels is decreased, the association required quick options that would be "swift, targeted and have a clear handoff" that would certainly assist susceptible industries and families.

This news comes days after freshly elected head of state Anthony Albanese promised to make the country a renewables "superpower" after his Labor Party's triumph in the federal election.

"The new Albanese Government has an unenviable however urgent job in replying to this crisis. It is not one they can or need to handle alone," claimed Willox.

Earlier this month, the most recent version of Australian Energy Market Operator's quarterly energy dynamics report revealed that the first quarter of the year price boosted by AU$ 35, to AU$ 87/MWh and also reached an all-time high considering that Q2 2019.