Australia’s energy ministers have an 11-point plan. Here’s Why It Won’t Lower Prices Anytime Soon

Australia’s soaring power prices have been hit by the “perfect storm”, and it’s being felt in households across the country.

But one 11 point plan of Australia’s energy ministers released after meeting on Wednesday won’t cut prices anytime soon, with federal energy minister Chris Bowen say there is none “silver bullet”.

So what is this new plan about? And are there any quick fixes in it? Let’s break it down.

What will happen to the energy rates?

Wholesale energy prices have been hit hard by the east coast† Why?

A cold snap, rising fuel prices thanks to Russia’s invasion of Ukraine and, at home, old coal plants going offline have all combined to put pressure on markets – the so-called “perfect storm”

And all this is soon to come.

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