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.