New analysis from JPMorgan shows that, under the Morrison Government’s energy crisis, power prices continue to go up, and up and up.
Wholesale electricity prices across the four NEM states - Victoria, South Australia, NSW and Queensland - rose to $83/MWh in August, up 12 per cent from June despite lower demand.
Contrary to the Government’s rhetoric, the analysis shows forward prices are now 29 per cent higher than a year ago, averaging $94/MWh.
No wonder Lindsay Partridge, the managing director of ASX-listed Brickworks, which operates the largest brick-making plant in the southern hemisphere, has added his voice to the growing chorus of businesses that are sick and tired of the Morrison Government’s energy crisis, warning his business is more viable offshore while, "some of our politicians seem to have their heads in the sand.''
Brickworks now joins Newcrest Mining, BlueScope Steel, Coca Cola-Amatil, Costa Group, the Energy Users Association of Australia, the Australian Industry Group and the Grattan Institute in calling over the past fortnight for a return to sensible national energy policy, which will lower power prices and secure reliability.
This is all while Minister for Energy Angus Taylor continues to refuse to convene a COAG Energy Council meeting, which is needed to approve amendments to the national energy laws to give new powers to the Australian Energy Regulator. Paula Conboy, outgoing chair of the AER today said ‘‘we’ve got a job to do, we have expectations of the job that we can do, so give me the tools so I can do the job that’s expected of me.’’