Worst energy crisis in decades will take time to resolve: Australian energy minister

ANKARA (AA) – As Australia faces its worst energy crisis in the last 50 years, the country’s climate change and energy minister warned the problem is worsening and will take time to resolve, local media reported on Thursday.

Chris Bowen said the new government is trying to contain the rising prices of gas and electricity.

“Action is necessary and action is being taken,” ABC News quoted Bowen, a member of new Prime Minister Anthony Albanese’s Cabinet, as telling his first press conference since his swearing-in.

The country's Energy Market Operator hiked the prices of electricity and gas amid supply chain disruptions due to the Russia-Ukraine war, according to the report.

On Wednesday, Australia’s ReAmped Energy took the unusual step of asking its customers to switch to other retailers as the company will increase its prices.

“We know many Australian households are already facing the cost of living pressures and we don’t want to contribute to this any more than needed,” said the company’s CEO, Luke Blincoe.

"So we are in the unpleasant position of advising customers that they can get better prices with other providers, and they should seek them out as quickly as possible."

According to the Sydney Morning Herald, Australia is witnessing the biggest energy crisis in 50 years, with prices hitting multi-year highs on global markets due to sanctions on Russian exports.

“A crisis of this nature hasn’t been seen since the 1970s,” the daily quoted Meg O’Neill, chief executive of the nation’s largest oil and gas producer Woodside, as saying.

*Writing by Islamuddin Sajid