(Photo: Marcus Wong)
Despite Australia having its own homegrown energy resources the price of power for households and individuals will continue to increase.
There are a number of factors effecting this current energy crisis, one prominent influence is the Russian-Ukraine war which is having an impact on energy supplies and the global supply chain with most European countries rejecting Russian oil and gas but without a plan an alternative to replace this supply. But also the recent catastrophic weather events in south east Queensland and New South Wales have also adversely effected power prices by creating extreme spikes in demand.
Despite these recent global and national crises, the price of fossil fuels has been steadily going up, and because Australia relies on imported energy because it exports most of its fossil fuels, we aren’t exempt from the broader fluctuations of the global energy market.
Unfortunately, it seems like this instability will continue, households and businesses can reduce bills by choosing to generate their own renewable, for example through solar power.
As the larger transition away from coal fire power stations continues we can expect the ongoing increase in power costs.
(Credit: https://newsroom.unsw.edu.au/news/business-law/energy-crisis-why-are-electricity-prices-set-rise)