Australia’s biggest building materials manufacturers are cutting back operations, hiking prices, and considering moving production offshore to manage a spike in power and gas bills.
The CEOs of Brickworks Ltd., the country’s largest brickmaker, and Boral Ltd flagged the changes.
Power prices have surged in Australia amid a shortage of coal-fired generation due to planned and unplanned outages.
Gas prices have more than tripled in price since 2014 when Australia started exporting LNG from the east coast.
The latest crisis has highlighted the need for more gas supply in the domestic market, for a country that is the world’s biggest exporter of liquefied natural gas (LNG).
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