21 December 2020
Significant declines in electricity prices in Australia are forecast to largely offset any impacts of the closure of the Liddell power station, according to the 2020 release of the Australian Energy Market Commission’s (AEMC) “electricity price trends” report.
“Households can expect to be paying about $120 (or 9%) less for electricity in 2023”, say the AEMC, highlighting the key reason for this as “the introduction of new sources of energy generation like solar and wind”, among other factors like gas prices that are reduced from record historical highs.
Renewable energy is highlighted in two key areas. First, for its impact on wholesale electricity prices, where renewables ‘bid’ into the market at lower values and thus reduce the final half-hour prices in Australia’s National Electricity Market.
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