Record-breaking heatwave triggers power cuts on Australia's stressed grid [Reuters]
Alcoa Corporation (AA)
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Source: Reuters
Record-breaking heatwave triggers power cuts on Australia's stressed grid | Reuters 3 Min Read MELBOURNE (Reuters) - Blistering heat triggered power outages on Australia’s strained grid on Friday as demand for air-conditioning soared and coal-fired generators struggled to meet the surge in consumption. To shore up the grid, the Australian Energy Market Operator (AEMO) cut power to Alcoa Corp’s Portland aluminum smelter, the biggest consumer in the state of Victoria, for nearly two hours on Thursday evening and on Friday. The record-breaking heatwave over the past week sent power prices soaring across southeastern Australia. Wholesale power prices in Victoria hit the market cap of A$14,500 ($10,298) per megawatt hour (MWh) before midday on Friday, earlier than expected, and were forecast to remain there for the rest of the day, National Electricity Market data showed. ( bit.ly/2W9A7A2 ) Supply was tight, with a total of 1,800 megawatts (MW) of generation offline in the country’s east,
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