Recently, the Australian National electricity market (NEM), for the first time, was suspended across all states, and reflected the depth of the price and supply crisis plaguing Australia's biggest electricity market. Some economists and energy policymakers expressed their views with regards to causes of this energy crisis, its consequences and the potential remedies to fix the market failure. For instance, read the following three articles published in The Conversation:

a) Australia's National Electricity Market was just suspended. Here's why and what happens next - https://theconversation.com/australias-national-electricity-market-was-just- suspended-heres-why-and-what-happens-next-185136

The question:

The Australian Bureau of Statistics estimates that energy expenditure is typically just 3% of the overall household expenditure. Politicians have often relied on this ABS estimation to defend the little impact of energy price rise on inflation. I find this to be misleading and problematic. Why?

b) Should Australian governments nationalise the electricity sector? It's not that simple -

https://theconversation.com/should-australian-governments-nationalise-the-electricity- sector-its-not-that-simple-185203

c) Want a solution for the energy crisis gripping Australia's east? Look west -

https://theconversation.com/want-a-solution-for-the-energy-crisis-gripping-australias-east- look-west-185124?utm_medium=Social&utm_source=Twitter#Echobox=1655360616-1

Please answer the following six questions based on the above three articles.