Why Energy-Rich Australia Suffers the World’s Priciest Power
- Australia faces price spikes, blackouts as coal plants close
- Industry demanding investment certainty amid policy paralysis
Coal Loses in Australia Amid Switch to Clean Energy
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A bungled transition from coal to clean energy has left resource-rich Australia with an unwanted crown: the highest power prices in the world.
New Yorkers pay half as much as Sydneysiders to keep the lights on, despite Australia boasting among the world’s largest coal and natural gas reserves, as well as ideal conditions for clean power generation. A decade of political dithering and climate policy missteps have set its patchwork power system adrift, ratcheting up manufacturing costs and hurting consumers with a doubling in electricity prices since last year and rising risks of blackouts.