Australian energy bills could surge as Iran conflict drives up global gas prices

<p>Experts warn of similarities with 2022, when electricity prices went up by more than 40% due to the Russian invasion of Ukraine</p><ul><li><p><a href="https://www.theguardian.com/australia-news/live/2026/mar/04/politics-live-albanese-prime-minister-question-time-angus-taylor-cost-of-living-middle-east-work-from-home-victoria-ntwnfb">Follow our Australia news live blog for latest updates</a></p></li><li><p>Get our <a href="https://www.theguardian.com/email-newsletters?CMP=cvau_sfl">breaking news email</a>, <a href="https://app.adjust.com/w4u7jx3">free app</a> or <a href="https://www.theguardian.com/australia-news/series/full-story?CMP=cvau_sfl">daily news podcast</a></p></li></ul><p>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.</p><p>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.</p> <a href="https://www.theguardian.com/australia-news/2026/mar/03/oil-gas-lng-prices-iran-war-middle-east-conflict-bills-australia-ntwnfb">Continue reading...</a>