An energy crisis refers to a significant and prolonged disruption in the supply of energy resources or a sudden increase in energy prices, which often leads to widespread economic and social challenges. This term typically encompasses shortages of essential energy sources, such as oil, gas, and electricity. Factors contributing to an energy crisis may include geopolitical conflicts, natural disasters, regulatory changes, technological failures, and shifts in supply and demand dynamics. The impacts of an energy crisis can manifest in various forms, including inflation, economic recession, increased costs for consumers and businesses, reduced energy availability, and potential rationing. In historical contexts, energy crises often prompt shifts in energy policy, investment in alternative energy sources, and innovations in energy-efficient technologies.
Australia is witnessing a significant energy crisis as over half of its coal-fired power generators age beyond 40 years, signaling an urgent need for change. A recent analysis reveals that…