Conflict with Iran Threatens Surge in Australian Energy Bills
Experts warn of similarities to 2022 energy crisis from Russia-Ukraine war, with strikes on Iranian gas facilities risking another price shock in Australia.
The United States and Israel's recent strikes on Iran have raised concerns among experts that Australia could face a repeat of the 2022 energy price shock triggered by the Russian invasion of Ukraine. Energy analysts warn that disruptions to global gas supplies, similar to those seen last year, could drive up electricity bills in Australia by more than 40% once again.
The stark warning comes after news that Qatar, the world's third-largest liquefied natural gas (LNG) exporter, had to halt production following Iranian drone attacks on its sprawling Ras Laffan complex. This type of supply disruption in the Middle East energy market could have significant ripple effects, just as the Russia-Ukraine conflict did in 2022.
Last year, the fallout from the Russian invasion of Ukraine forced power prices in Australia to surge by more than 40%, sending many businesses to the wall and prompting governments to spend billions on energy bill subsidies. Experts see alarming parallels between the current geopolitical tensions and the events that led to that crisis.
Source: The Guardian
