Federal government weighs intervention in gas market; Wage equality in focus; Penny Wong races back the Pacific & More Trending News

Climate change and power minister Chris Bowen says he’ll take motion however not knee-jerk motion to battle the rise in power costs in Australia.

Bowen spoke to the media on Thursday in his first full day as the minister following Wednesday’s swearing-in ceremony for the new government and he confronted some robust questions on how he plans to deal with the shortages of gas and coal which has led to costs rising simply as winter begins.

He stated he spoke with power ministers in all states and territories in the previous day and a half together with receiving briefings from AEMO, the power market operator, who advised him provide points had been enhancing however the state of affairs remained critical.

AEMO additionally applied the gas provide assure mechanism on Thursday for the first time citing low reserves in Victorian, South Australian and Tasmanian markets.

“Action is necessary and action is being taken. AEMO, as has been publicly announced, has implemented the gas supply guarantee mechanism and AEMO have advised me that this is already showing improvement in gas supply and will continue to show improvement in gas supply to the south-eastern states over coming days,” Bowen stated.

“The situation is serious but it is being managed by our regulators professionally and it is important that Australians know that the new government has confidence in our regulators in AEMO and in the Australian Energy Regulator to take the necessary action and to advise governments accordingly.

“They have our confidence, they are world-class regulators and Australians should and can have confidence in them. I make clear that the Albanese Labor Government will take whatever action is necessary to ensure ongoing reliability and affordability for the energy markets, particularly on the east coast.

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“But, I also make this point: The days of knee-jerk reactions, the days of ad hoc interventions, the days of implementing ill-thought-out policies are the days of the last nine years. They are not the days of this Government.”

Bowen was requested if he had contacted main power firms to problem them over the massive worth rises and he responded that Resources minister Madeleine King had spoken with chief executives from these firms.

“I want to say to you, respectfully, that the culture war of this is that person’s fault or that person’s fault – we will take any action necessary to ensure proper gas supply,” Bowen stated.

“What I won’t do is start unnecessarily demonising particular people or sectors.

“If the ACCC needs to take action, they will have our full support. If the Australian Energy Regulator needs to take action, they will have our support.”

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