Australian Energy Operator Announces Suspension of Wholesale National Electricity Market

MOSCOW (Sputnik) - The Australian Energy Market Operator (AEMO) on Wednesday announced the suspension of the National Electricity Market across Australia to ensure a stable supply of electricity against the backdrop of the electricity crisis.

"AEMO has taken this step because it has become impossible to continue operating the spot market while ensuring a secure and reliable supply of electricity for consumers in accordance with the NER [National Electricity Rules]", the operator said in a statement.

A predetermined electricity pricing schedule will be set for each region of Australia and companies will receive compensation for the suspension periods, according to the operator.

"In the current situation suspending the market is the best way to ensure a reliable supply of electricity for Australian homes and businesses", AEMO'S CEO Daniel Westerman said.

According to AEMO, the suspension is temporary and as soon as conditions allow it, the operator will resume the work of the market under normal rules.

The last time AEMO took control of electricity prices was in 2016 in the state of South Australia to restore the market after power cuts.