The peak body for energy retailers and generators, the Australian Energy Council said it understood and supported the Australian Energy Market Operator's decision to immediately suspend the wholesale market temporarily in order to reset it.
The AEC's Chief Executive Sarah McNamara said, "It is quite clear that in these unprecedented circumstances and following the application of the Administered Price Cap the power system was becoming unmanageable.
"We hope the conditions improve in this new phase and we can soon return to an uncapped market."
About the Australian Energy Council
The Australian Energy Council is the peak industry body for electricity and downstream natural gas businesses operating in the competitive wholesale and retail energy markets. AEC members generate and sell energy to 10 million homes and businesses and are major investors in renewable energy generation. The AEC supports reaching net-zero by 2050 as well as a 55 per cent emissions reduction target by 2035 and is committed to delivering the energy transition for the benefit of consumers.
