Science & Technology

Home electricity prices fall by about $ 77 a year as developers bet on renewables | Australian News

Advances in renewable energy across Australia are pushing down household electricity prices, saving an average of about $ 77 a year by 2024. energy The market committee said in an annual survey.

Queensland is projected to lead the state in the national electricity market, with typical household billing down 10%, nearly double the national average of 5.7%. This will reduce typical Queensland housing costs from $ 1,226 in 2020-21 to $ 1,100 by 2023-24.

Victoria is expected to see the next biggest drop of 8%, reducing the average cost of electricity from $ 1,290 over the last year to $ 1,191 by 2o23-24. Consumers in New South Wales will be 4% cheaper, a $ 50 reduction from the $ 1,253 currently paid, but ACT goes against this trend, increasing bills by 4% to $ 2,081.

The three-year trend will bring home billing back to 2017 levels, but the downward direction could be disrupted between 2022 and 2011, when the 1,680 MW Liddell coal-fired power plant is scheduled to shut down. .. According to the committee, the closure is expected to contribute to higher wholesale electricity prices.

The main driving force for low prices is the addition of new large solar power plants. The developers are working on a new 2,671 MW solar power plant and a new 1,393 MW wind farm.

They also promised a new gas-fired capacity of 904 MW and a large battery of 470 MW across NEM. Of the new plants, New South Wales outperforms Queensland’s 1,557 MW and Victoria’s 1,354 MW by 2,287 MW.

“The cost of network investment is starting to increase. This could accelerate over the next decade as more network investment is needed to connect a new, decentralized generation to the grid,” AEMC said. I am.

Energy Minister Angus Taylor said, “Family and home hip pockets will cost more money as electricity prices fall further. [which is] Important to recover from the effects of Covid. ”

“Our actions have supported a 10% drop in household electricity prices under this government, which is the 11th consecutive quarter of year-on-year decline in household electricity prices across the country,” he said. Told.

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The price forecast is as follows Release from the Australian Bureau of Statistics On Wednesday, renewable energy supply increased by 15% in 2019-20, showing an extension of the five-year trend.

According to ABS’s Jonathon Khoo, solar, wind and hydropower contributed 222 petajoules of energy to the domestic supply.

“”[A] A single PJ was able to power 47,000 Australian homes for 12 months, “he said. “Solar has driven this increase with the expansion of large-scale solar power plants.”

Interestingly, both household energy usage and industry total energy intensity usage have expanded their downward trend. In 2019-20, the average household used less energy by 5.4%, for a total of 125 gigajoules, compared to 3.6% less production per dollar in the industry.

On the export side, Australian black charcoal shipments were 11,062 petajoules in 2019-20, down 0.6% year-on-year. According to ABS, liquefied natural gas exports increased 6% to 4,393 PJ in 2019-20.

Home electricity prices fall by about $ 77 a year as developers bet on renewables | Australian News Home electricity prices fall by about $ 77 a year as developers bet on renewables | Australian News

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