Australia's energy ministers have agreed to an 11-point plan to address the nation's gas crisis when the country's energy prices are spiking due to high winter demand and supply shortages.
Federal Energy Minister Chris Bowen on Wednesday night chaired a meeting with his state and territory counterparts to discuss solutions to the crisis, agreeing to give the Australian Energy Market Operator (AEMO) the capacity to procure and store gas supplies.
Australian energy prices are spiking due to high winter demand, gas supply shortages and coal-fired power generators failing.
Bowen warned that there was no "silver bullet" short-term fix for the current crisis but that the measures would give governments the capacity to manage future crises.
"There's storage facilities around the country. We agreed to work to give the AEMO that power and to give them that power expeditiously," he said.
Bowen said the principles outlined are clear that the AEMO should support new technologies and he supports storage and renewables being a particular focus of capacity mechanism going forward.
The meeting also agreed to enhance the powers of energy regulators to ensure transparency for customers and that retailers work in their best interests.
A national transition plan for the energy market will be developed for the ministers' next meeting in July.
Editor: Galia
