Policy & Regulation

28 Oct 2022

Australian Energy Minister Does Not Rule Out Price Caps

28 Oct 2022  by   

Australia's Climate Change and Energy Minister Chris Bowen speaks at the Sydney Energy Forum in Sydney, Australia July 12, 2022. Brook Mitchell/Pool via REUTERS

Australia's Energy Minister Chris Bowen said on Friday the country could not rule out energy price caps, as it deals with rising fuel costs.

"We agree everything needs to be on the table," Bowen told reporters following a meeting of federal and state energy ministers in Melbourne.

"We've committed to consider all options on stronger action, on stronger regulation."

Bowen gave no timeframe for any decisions, except to say options would be considered “expeditiously, prudently and methodically”.

Victorian Energy Minister Lily D’Ambrosio said consumers and businesses were suffering from “profiteering” by gas producers.

“This has to stop,” she told reporters.

She said the Victorian government’s view was strong regulation was needed including a cap on wholesale gas prices, which she said should be done on a national level.

Global wholesale power and gas prices have surged since major energy provider Russia cut supply.


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