Australia govt may invest A$2b to solve energy crisis

Melbourne

THE Australian government said on Thursday it may spend up to A$2 billion (S$2.2 billion) to expand a huge hydro power scheme to help solve an energy crisis, although the main owners of the dam have yet to be consulted.

The idea was floated by Prime Minister Malcolm Turnbull, the latest in a flurry of announcements over the past week as the country looks to plug a gap in power and gas supplies that has already led to blackouts and outages across the eastern half of the country.

Australia is on track to become the world's largest exporter of liquified natural gas (LNG), yet, its energy market operator has warned of a domestic gas crunch from 2019 that could trigger industry supply cuts and broad powe…