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So much to share with you. First, we have the overall picture from the Australian Energy Market Operator’s (AEMO’s) latest Quarterly Energy Dynamics (QED) report. As gentailers increase their charges to stay profitable, Australia is producing record renewable energy output. Couple that with the number and size of domestic batteries and we have the lowest wholesale electricity prices in the National Electricity Market (NEM) since 2020.
It is no surprise then that coal generation fell 5% and gas by 30%. These are the lowest quarter 2 averages since 2003. Year on year, renewables grew 37.1% (wind 20%, grid-scale solar 12%, and rooftop solar 7%). Despite this progress, Bloomberg New Energy Finance doubts that Australia can reach its target of 82% renewable energy by 2030, due to grid connection delays and permitting challenges. Bring it on, BNEF — we love a challenge. I have found that BNEF forecasts have been consistently wrong, underplaying innovation and progress.
