Less than two weeks ago, Australia’s National Electricity Market (NEM) stopped working.
Facing the prospect of insufficient supply to meet demand, Australia Energy Market Operator (AEMO) suspended the country’s spot power market. Volts kept flowing to customers and lights stayed on, but the market was broken. Bloomberg Opinion’s David Fickling described the event as “an extraordinary failure.”
Australia is like a postcard from the future that illustrates what deeply decarbonizing energy systems might look like in practice. The nation is making progress on deploying renewable power while remaining decidedly linked to global energy markets despite not being physically connected to them
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