Right now wind power is the cheapest source of large-scale renewable energy in Australia. Meanwhile, the price of gas for households continues surging up.
A record-breaking volume of renewable energy generation, led by wind and solar, in late 2023:
- drove the wholesale price of electricity down 24%
- cut the use of more expensive coal-fired power
- and is expected to lead to cuts on 1 July 2024 when the next round of price-setting for household energy bills is due.
As more wind and solar projects are constructed, bringing more wind and solar energy into the system, we can expect this trend of cheaper electricity for households to continue.