Australia’s new Labor Prime Minister Anthony Albanese has promised to ramp up green energy, but a national electricity crisis is showing that fossil fuels are hard to drop. Oz’s power crunch offers a warning for America’s political class, if it’s willing to listen.
Australia’s grid operator in June suspended the national spot market for power to prevent looming blackouts. Regulators ordered power generators using fossil fuels when they could run while also fixing prices. The grid operator last week lifted market controls but warned they could be reimposed if prices spike.