Minister Says Energy Company Profits Not a Priority Amid Concerns Over Price Caps

Federal Energy Minister Chris Bowen has dismissed concerns about energy companies not making profits under government-backed price caps, saying that his priority was to deal with cost of living. Addressing complaints about wholesale price caps on energy—a move designed to drive down costs for small businesses and residential customers—Mr. Bowen said that company profits have been “healthy” and that the government and the Australian Energy Market Operator (AEMO) would always prioritise the consumer. “I think the Australian Energy Regulator does an excellent job. They weigh up a whole range of factors,” he told ABC Radio on Dec. 21. “Energy company profits have been healthy, and I think in this spirit, in this environment of cost of living pressure, it’s quite right that the Australian Energy Regulator would prioritise cost of living, and I know my state and territory ministers agree with me about that.”...