Lacking adequate coal-fired power the cost of electricity went through the roof yesterday in SA and Victoria. Entirely predictable. Even the AEMO saw it coming last year. What did they expect? Jo Nova reports on the spectacle.
Prices are “off the chart” in Vic and SA right now and likely for the next few hours. Factories will be closing. Diesel generators will be running, but only in South Australia and Victoria. At these kinds of prices tens of millions of dollars could be going up in smoke every hour. By the end of today the bill could come to more than a hundred million dollars.
In QLD and NSW where there are old or evil coal fired plants the wholesale electricity costs are only $105/MWh.
Not surprisingly at the Grattan Institute they have a different view.