Wholesale electricity prices and carbon emissions dropped in the December quarter as solar and wind became “most valuable player” in the Australian market.
Wholesale energy prices, emissions falling
Wholesale electricity prices have dropped after a year of disruption from the war in Ukraine, generator outages and fossil fuel supply woes.
Australian Energy Market Operator data for the December quarter of 2022 published on Wednesday shows federal market intervention to cap prices has had a significant impact.
National electricity market emissions were the lowest quarter on record at 26.4 million tonnes, down 5.6 per cent on a year ago as more solar and wind displaced expensive and ageing coal-fired electricity generation.
Climate Council spokeswoman Jennifer Rayner said the latest data showed renewable energy was the market’s “most valuable player”, driving down costs and emissions.