The term “artificial scarcity” generally refers to a tactic where the supply of something is restricted so that prices go up (or remain high). Examples of this are diamonds (which are relatively plentiful and can be manufactured artificially at low cost), and health care (in the US the AMA keeps the number of doctors low so that their incomes can stay high, rather than just letting supply and demand set costs).
But this is the first time I’ve seen someone use abundance to drive up prices. Ausgrid, one of the largest providers of electricity in Australia, has notified government regulators that prices will have to rise. Why? Because rooftop solar panels have become so popular in Australia that there is too much electricity!
Remember when promoters promised that nuclear power would produce so much electricity that it would be “too cheap to meter“? Well, if solar power is producing too much electricity, it does make you wonder if we currently actually do have an artificial scarcity of energy in the world to keep energy companies (including oil and power) to keep prices artificially high.