Chairman of the Australian Competition and Consumer Commission, Rod Sims. AAP Image/Dean Lewins
THE nation's consumer watchdog has confirmed the power price fears felt by Gladstone's major industries and warned without action it will be "dire".
In an update to its power price review the Australian Competition and Consumer commission said this week rising network costs and market concentration contributed to the current electricity crisis.
"Generator market power was clearly seen in Queensland with two generators having two thirds of capacity and prices spiking," Chairman Rod Sims said.
"When the Queensland Government directed its generators to tone down their bidding, prices immediately reduced significantly."
Mr Sims, who said they were a third of the way into their inquiry, said the solution was multi-faceted.
"We know we have an energy affordability problem and we have some...
Read more: 'Prices immediately reduced': ACCC digs teeth into energy crisis - Gladstone Observer