Mark Bouris criticizes rising electricity prices in Australia

Mark Bouris, a well-known Australian businessman, has raised concerns about rising energy prices in Australia. He describes the situation as "outrageous" as many households face increased power bills due to changes by the Australian Energy Regulator. In states like New South Wales, South Australia, and southeast Queensland, residential electricity prices are set to rise between 2.5% and 8.9% this year. This could mean an extra $60 to $140 for households, depending on their location. Bouris highlighted the issue of Australia being a major energy exporter while locals are forced to pay high prices. The increase in energy costs is attributed to several factors. Rising demand, outages at coal plants, and low renewable energy output have all contributed to higher wholesale market prices. Critics argue that too much Australian gas is exported, leaving insufficient supply for domestic needs. This is concerning as gas heavily influences electricity prices in the country. Gas prices on the east coast of Australia have tripled over the last decade, largely because gas exporters have been allowed to send gas overseas without ensuring enough for local use. Reports indicate that LNG exporters have drained the domestic market to profit from higher international prices. Despite having limited gas reserves, Australia exports about 80% of its natural gas to countries like Japan and Korea. In comparison, Australians are paying more than double for gas than Americans, even though both are energy exporters. Boruis and experts suggest that many other regions ensure their citizens receive affordable energy. In response, the Australian Energy Market Operator has warned of potential gas shortages, pushing the anticipated timeline for these issues to 2028. The government has made a deal to secure more gas for domestic use and insists that local industries will get priority for this supply. Energy Minister Chris Bowen defended the government's measures to ensure affordable gas. However, calls for his resignation have increased, as opposition leader Peter Dutton criticized the government's handling of soaring power costs. Dutton claimed that promises of significant electricity cuts have not materialized, leaving many Australians with expensive bills.