--- title: Power prices soared 141% due to expensive, unreliable coal description: The stalling of coal closure under the guise of cost and reliability has been further proven a fallacy, with the energy market operator revealing wholesale electricity prices soared 141 per cent in the first quarter compared to last year due to coal plant outages and coal market bids. --- [![Greenpeace](https://blog.greenpeace.org.au/hs-fs/hubfs/GPAP-Master-Logo-Green-RGB_Web-1.png?width=2259&height=348&name=GPAP-Master-Logo-Green-RGB_Web-1.png "Greenpeace")](https://www.greenpeace.org.au) [![Canopy Logo](https://blog.greenpeace.org.au/hubfs/raw_assets/public/gpap-main-theme/images/the-canopy/the-canopy-logo.png)](https://blog.greenpeace.org.au/the-canopy) The Canopy is a weekday morning email newsletter provided by the team at Greenpeace Australia Pacific. # Power prices soared 141% due to expensive, unreliable coal Friday, 29 April 2022 The stalling of coal closure under the guise of cost and reliability has been further proven a fallacy, with the energy market operator revealing wholesale electricity prices soared 141 per cent in the first quarter compared to last year due to coal plant outages and coal market bids. Meanwhile, the International Energy Agency (IEA) has launched a panel of energy, climate, and finance leaders to manage the exit of coal from the global economy.  And a dirty gas company that received $7.5 million in taxpayer-funded subsidies to advance its interests in the Beetaloo Basin could face a fine for failing to appear at an inquiry into the controversial grants program.  [Wholesale power prices soared 141pc year on year and households should brace for more](https://www.abc.net.au/news/2022-04-29/power-pain-as-bills-tipped-to-rise-40-per-cent-on-surging-prices/101023488) AEMO says wholesale electricity prices in the NEM rose 141 per cent in the first quarter compared with 2021 due to coal plant outages, coal market bids, and surging gas prices.  [IEA launches coal probe amid net zero tensions](https://app.meltwater.com/mwTransition?url=https%3A%2F%2Fwww.heraldsun.com.au%2Fbusiness%2Fiea-launches-coal-probe-amid-net-zero-tensions%2Fnews-story%2Faed24bbb092310992f7450d2ef2d7f87&urlCategories=newsLtd&analytics=false&documentId=cVb94P88jy2rYMpqFlteUJy99Og&transitionToken=eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzUxMiJ9.eyJob3N0bmFtZSI6Ind3dy5oZXJhbGRzdW4uY29tLmF1In0.tyvzxwnT4YHYtOKwk-QXfhLIB-5fakWVeDsIsFbN-UKoLJR_SD3ZgVClMjrILbZY1pK5qxxShDGuqS6LG4A-kA) The International Energy Agency has appointed a group of energy, climate and finance leaders to deliver a ‘secure and affordable phase-out’ of coal emissions. [Tamboran Resources facing hefty fine for failing to front Beetaloo Basin gas grants Senate inquiry](https://www.abc.net.au/news/2022-04-29/beetaloo-basin-senate-inquiry-progress-report-sweetpea-petroleum/101023664) Sweetpea Petroleum, which was awarded $7.5 million earlier this year under the program subsidising exploration wells in the Betaloo Basin, faces a fine for failing to front a Senate inquiry into the controversial grants program.  [Angus Taylor to unveil $218m spend for SA renewables](https://app.meltwater.com/mwTransition?url=https%3A%2F%2Fwww.heraldsun.com.au%2Fnews%2Fnational%2Ffederal-election%2Fangus-taylor-to-unveil-218m-spend-for-sa-renewables%2Fnews-story%2F47ce157c7c4e64ce0810f7befe5ac6b6&urlCategories=newsLtd&analytics=false&documentId=f_IGU0jYKRtrTn30n1MgdCRdD6c&transitionToken=eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzUxMiJ9.eyJob3N0bmFtZSI6Ind3dy5oZXJhbGRzdW4uY29tLmF1In0.tyvzxwnT4YHYtOKwk-QXfhLIB-5fakWVeDsIsFbN-UKoLJR_SD3ZgVClMjrILbZY1pK5qxxShDGuqS6LG4A-kA) South Australia’s status as a clean energy powerhouse will be cemented as the Coalition invests $218m in renewable projects across the state’s Iron Triangle, including the planned hydrogen hub at Port Bonython. 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