Australian energy bills could surge as Iran conflict drives up global gas prices
The Guardian World
by Patrick Commins Economics editorMarch 3, 2026
Experts warn of similarities with 2022, when electricity prices went up by more than 40% due to the Russian invasion of Ukraine
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The US-Israel strikes on Iran risk a repeat of the 2022 energy shock that forced power bills up by more than 40%, sent Australian businesses to the wall and forced governments to spend billions on power bill subsidies.
The stark warning from experts follow news that Qatar, the third-largest liquefied natural gas exporter, had stopped production after Iranian drones on Monday attacked its sprawling Ras Laffan complex.
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Originally published on The Guardian World on 3/3/2026