ccessandreadthefollowingmediareports.

Attanasio, J(2023) 'Revealed: How much power bills will be increasing by in your state.' Accessed at

https://www.9news.com.auational/electricity-prices-set-to-soar/5ed9ec22-0861-4546-9291-15b6c2f3094b#:~:text=Electricity%20prices%20in%20Australia%20are,can%20expect%20a%20costly%20winter.

Silva, A. (2023) 'Why are electricity prices rising in July? How can I cut costs? Your energy questions answered.' Accessed at

Gilmour, J. (2023)Explaining Australia's energy prices and government intervention. Accessed athttps://enlighten.griffith.edu.au/explaining-australias-energy-prices-and-government-intervention/

Required:

Using the above resources, wider research, and your knowledge of Supply and Demand and Market Failure & Government Intervention, explain why energy prices in the electricity market are rising. In your answer consider (1) the supply and demand factors in the electricity market which may be influencing the price; (2) possible government intervention in the electricity market to control prices; (3) justify an alternative energy source to electricity which may/should be a government focus to ease cost of living pressures for Australians.

In completing this assignment task, you are advised to take advantage of CSU's academic take refernce from above articles

40,000 35,000 30,000 Oil 25,000 c Hydro MW 20,000 : Gas 15,000 Brown coal 10,000 # Black coal 5,000 0 Capacity Reserve Demand FIGURE 2 Installed capacity, peak demand, and reserve plant margin at NEM start (MW). Source: AEMO (2013a), ESAA (2013), Frontier Economics analysis.Figure 1.1 Wholesale electricity prices, east coast and international gas market prices 600 60 500 50 400 Electricity price ($ per megawatt hour) 300 M 40 ACCC Projection 30 East coast gas market average price ($ per GJ) 200 20 100 10 Jan Oct Oct Nov Nov Sep Dec Dec Dec Nov Dec Mar Apr Feb Jar May Feb Jur Aug OC Feb Ap Ma 6535985 2019 2020 2021 2022 2023 -NEM regional price (mhimum and maximum) Average EOGM price (RHS) LNG netback price (RHS) -:LNG netback forecast (RHS)