Solar's Record Drop: Prices, Coal, Grid Demand
- Australia's electricity grid is transforming: Renewables pushed prices down by 71%, solar set wholesale price on 72% of intervals and 10GW of new projects under construction. Don't miss out on saving money and ensuring reliability with renewable energy.
Renewables have had a major impact on Australia’s electricity grid in the past year, with wholesale prices tumbling 71% from their 2022 peak, grid demand and coal output sent to record lows, and a surge in solar PV output. The number of negative price trading intervals hit a record high, with 70% of total energy used over half-hour periods supplied by renewable sources. South Australia was impacted by network outages, while Queensland saw solar setting the wholesale price of energy on 72% of trading intervals, almost always negative. Rooftop solar contributed 39% of total energy use, and a further 10 GW of new projects were under construction and commissioning. Energy Minister Chris Bowen noted the danger to energy bills and reliability of further delays in renewable energy.
What Impact Have Renewables Had on Australia's Electricity Grid?
- Renewables accounted for up to 72% of total energy used over half-hour intervals in Queensland, pushing wholesale prices to almost always negative.
- Solar PV output surged, and rooftop solar contributed 39% of total energy use.
- Wholesale prices dropped 71% from their 2022 peak, grid demand and coal output hit record lows.
- A further 10 GW of new renewable energy projects were under construction and commissioning.
- 70% of total energy used over half-hour periods was supplied by renewable sources.
- South Australia suffered from network outages due to the influx of renewables.
- Energy Minister Chris Bowen warned of the potential danger to energy bills and reliability due to further delays in renewable energy.