The Australian Energy Market Operator (AEMO) on June 15 announced an unprecedented step to address the energy crisis by suspending electricity market prices across Australia to ensure a stable supply.

“AEMO has taken this step because it has become impossible to continue the operation of the spot market and still provide a stable and reliable supply of electricity to consumers in accordance with national electricity regulations,” the operator said in a released statement.

Electricity price ceilings will be set for each region in Australia, and companies will be compensated for the duration of the market suspension.

“In the current environment, shutting down the market is the best way to ensure a reliable supply of electricity for Australian homes and businesses,” said Daniel Westerman, CEO of the Australian operator.

As the NCA points out, this also means that AEMO takes control of the task of determining when and which generating facilities to turn on.

"This unprecedented move is the first time the national market has been suspended," the NCA said.