Operator begins lifting unprecedented suspension of electricity market but turbulence is tipped to continue. Follow all the day’s developments
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We are off and running, with energy minister Chris Bowen the first politician in the media this morning, telling ABC News that he is confident there won’t be the need to suspend the energy market again this winter.
Bowen defended the decision taken by Aemo to suspend the market, saying commentators and politicians that have protested the decision “don’t know what they are talking about”:
We have enough generation in the system. Generators are bidding to and we have excess supply for today. That’s good news and what we hope and expect. Obviously, we’ll continue to monitor the situation very closely over the next 24-48 hours and we’ll return step by step carefully. I said before that this could be a bumpy winter.
We have a lot more supply and I want to thank AEMO and the energy generators and everyone who worked hard to manage to avoid any blackouts and load shedding and that’s been working closely with the Commonwealth and the states and territories as well.
We all expect a more powerful China to have a stronger say in regional and international affairs. But what is important is that the exercise of Chinese power exhibits the characteristics necessary for our shared prosperity and security. Respect for agreed rules and norms. With trade and investment flow based on agreed rules and binding treaty commitments. And where disputes among states are resolved via dialogue, and in accordance with international law.
This is vital when it comes to the rearmament we are witnessing in the Indo-Pacific.
China’s military build-up is now the largest and most ambitious we have seen by any country since the end of the Second World War. It is critical that China’s neighbours do not see this build-up as a risk for them. Because without that reassurance, it is inevitable that countries will seek to upgrade their own military capabilities in response.
Insecurity is what drives an arms race.