Australia’s wholesale electricity prices are forecast to almost halve in the next four years – not because lower energy costs are on top of the new Morrison government’s agenda, and not because of the promise of coal, but thanks to the growing supply from cheap, renewable energy in the national mix.
Data from the latest Renewable Energy Index compiled by Green Energy Markets, and published on Thursday, reveals a direct link between investment in large-scale renewable projects, Australia’s rooftop solar boom, and falling energy prices.
The report shows energy prices started rising across the National Electricity Market in mid-2016, in the wake of the renewable energy drought that took hold in the Abbott years of the Coalition government.
Even rooftop solar PV installations – currently enjoying record breaking growth – were actually in decline in the period preceding the spike in power prices.
This, says Green Energy Markets, led to…
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