Australians warned to prepare for a power shortage as coal and gas is taken off the market from 2023

• The National Energy Market Operator warned of electricity shortages by 2023 
• The shortfalls are forecast in the NSW, Queensland, SA, and Victorian markets
• At least five coal and gas power plants will be retired in the next decade
• The report said significant investment needed in renewable energy and storage

By Brett Lackey For Daily Mail Australia

Australians have been warned to expect power shortages from mid-2023 as coal and gas generation plants are withdrawn from the national electricity grid.

A massive investment in power generation, storage and transmission will be needed over the next decade to ensure plant closures don't impact homes and businesses.

The Australian Energy Market Operator forecasts significant problems across the NSW, Queensland, Victorian and SA interconnected electricity market in its latest report released on Wednesday.

'Forecast reliability gaps have emerged across NEM (National Electricity Market) regions due to considerable coal and gas plant closures, along with insufficient new generation capacity commitments needed to offset higher electricity use,' AEMO chief executive Daniel Westerman said.

At least five coal and gas power plants will be retired in Australia in the next decade (pictured: The Loy Yang coal-fired power station in Victoria)