Page 6 - Mark Collette News Today

Electricity prices could soar next year as the system grapples with the transition to clean energy, power company bosses have told The Australian Financial Review’s Energy & Climate Summit.

Transitioning to renewable energy and the shutting of coal power plants will see Australian power bills go up by 35 per cent within months, according to energy retailers.

On day one of The Australian Financial Review Energy & Climate Summit, the optimism about accelerating into a faster transition was undercut by the alarm sounded by energy operators about running out of time to tackle what is a massive challenge.

The head of the Australian Energy Market Operator will call for governments, industry and consumers to work together on electricity market reforms.

Offshore wind has emerged as a key component of Australia’s energy mix, as it transitions away from fossil fuels.

Decarbonising the economy and the energy transition opportunity.

Large renewable energy developers want government leaders to dump plans to shore up the power grid by paying generators for being on standby and bring in battery and hydro targets.

The wholesale electricity market resumed normal trading on Friday afternoon, but the crisis is not over, with a fresh coal power outage occurring this morning.

The risk of crazy-high wholesale power prices has not gone away despite the restart of coal power units that mean the market suspension may end on Friday.

The owner of Victoria’s Yallourn coal-fired power station says it is doing everything it can to bring its fourth generating unit back to service.