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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.