Sydney, June 18 (TIWN) Authorities in the Australia's New South Wales (NSW) have been granted emergency powers as a "precautionary measure" to ensure the stability of the state's exhausted energy grid.

NSW Treasurer and Energy Minister Matt Kean was granted the powers during an emergency meeting on Thursday night, which will allow him to direct the state’s private coal companies to operate and add supply to the electricity grid, reports Xinhua news agency.

Since the beginning of June, a cold snap across Australia’s eastern states and the faulty operation of a large number of coal plants have seen gas and energy prices spike and threatened energy shortages and blackouts.

The crisis has further unfolded this week as the national energy regulator, the Australian Energy Market Operator (AEMO), made the unprecedented move to suspend the National Electricity Market for the first time ever.

“In the current situation suspending the market is the best way to ensure a reliable supply of electricity for Australian homes and businesses,” said AEMO CEO Daniel Westerman while making the announcement.