Wholesale power prices could nearly double by 2029
Wholesale energy prices could almost double in Australia by 2029 as the shuttering of coal-fired power stations outpaces renewable energy builds.
New modelling from research firm Rystad Energy shows electricity prices could surge up to $110 per megawatt hour from the current $60MWh, with the number of large-scale wind and solar farms needing to triple over the next two years for the Albanese government to hit its 82 per cent renewable energy target by 2030.
First reported by The Australian, Rystad senior analyst David Dixon said the Capacity Investment Scheme – which underwrites large-scale renewables projects – is failing to meet its goal of pumping 40 gigawatts of new capacity into the national grid by decade’s end.
Well, shit.
I hope our solar gear can keep on top of that.