Over the past month Australia has experienced a power crisis which went from localized price caps to near blackouts, to a shutdown of the electricity market overall – unprecedented since the grid operator’s founding in 2009 aside from lesser South Australia and Tasmanian interventions. The spot market shutdown lasted from the 15th to the 24th across all five National Electricity Market (NEM) states. Now that the crisis has receded, the question becomes what new government policies will be put into place in response – in particular the capacity market that is now being proposed. At the time of the election we remarked that though Labor is certainly more favorable to renewables than the Liberal Party, its ability to govern without…