CANBERRA: Australia's Energy Ministers have agreed to an 11-point plan to manage the country's gas issue, which has resulted in a spike in energy costs due to high winter demand and supply shortages.

According to the Xinhua news agency, Federal Energy Minister Chris Bowen led a meeting with his state and territory counterparts on Wednesday night to seek solutions to the problem, agreeing to grant the Australian Energy Market Operator (AEMO) the authority to acquire and store gas supplies. Due to heavy winter demand, gas supply shortages, and coal-fired power producers malfunctioning, Australian energy prices are skyrocketing.

Bowen warned that there was no "silver bullet" solution to the current crisis in the short term, but that the measures will equip governments to deal with future crises. "Storage facilities can be found all across the country. We committed to work together to deliver the AEMO that power, and to do so quickly "he said.

Bowen believes that the AEMO should support new technologies based on the principles described, and that storage and renewables should be a particular priority of the capacity mechanism moving ahead. The council also agreed to strengthen energy regulators' powers to ensure customer transparency and that retailers act in their best interests.
For the ministers' next meeting in July, a national energy market transition plan will be developed.

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