Industry in shock as Vic gas prices hit record levels
Jul 9, 2021 – 10.03am
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Gas prices in Victoria have taken another huge leap to record levels of about 10 times average levels, fuelling urgent calls for the federal government to pull the trigger on its domestic gas security mechanism.
Wholesale prices surged to an unheard-of $58.44 a gigajoule in Victoria for a four-hour period on Friday, shocking manufacturers and raising the likelihood of plant shutdowns among those exposed to spot prices.
The spike in prices extended big increases earlier this week driven by a combination of cold weather, reduced production at the eastern states’ largest domestic supply plant and rapidly diminishing stores of reserve gas.
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