Renewables push fossil fuels to record lows, coal and hydro keep prices high
Australia’s main grids have experienced another quarter of dynamic change, with record highs, lows, and demand, record renewable generation and a sharp fall in emissions.
The bad news? No meaningful movement in wholesale electricity prices.
Prices eased slightly on the mainland, but were pushed higher by high priced hydro generation in Tasmania, and high price bidding by coal generators in other states.
Rooftop solar and battery storage continue to be the biggest change agents in Australia’s major grids.
Rooftop solar continues to have the most profound impact on the grids, and its average output jumped 16% in the first quarter of the year.
The effect of that was to lower overall grid demand, even though underlying demand hit new record highs across the NEM, and in Victoria and South Australia.
Large scale solar boosted its average output by 10%, wind by 18%, while battery storage nearly doubled its output.
All this combined to lift the share of renewables to 43% in the March quarter from 39% a year earlier, and cut emissions intensity by 4.4%
Wholesale prices continue to be higher in Queensland and NSW, with the heaviest dependence on coal, than in Victoria and South Australia.