Renewable energy Australia: Powers 50% of grid for first time, slashing electricity prices
Electricity prices in eastern Australia fell sharply in the final three months of last year as record-breaking contributions from renewable energy and large-scale batteries reduced the need to call on fossil fuels to plug supply gaps.
Figures from the energy market operator, to be released on Thursday, confirm renewables and batteries powered more than 50 per cent of the grid in the December quarter for the first time in history, crunching coal to its lowest-ever seasonal share of the mix, and gas to its lowest since 2000.
Renewable energy sources powered more than 50% of the grid in eastern Australia for the first time in the December quarter, resulting in a 44% drop in wholesale electricity prices. This surge in renewable energy, coupled with large-scale batteries, has reduced reliance on fossil fuels and led to lower energy costs. Although the grid still depends on coal and gas for backup, the sustained investment in clean energy and storage projects is proving effective in reducing electricity prices.
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