The growth of Australia's renewable energy market is driving down electricity prices across much of the country despite severe weather conditions driving up demand for energy.
The Australian Energy Market Operator's (AEMO) latest report for the March 2024 quarter found renewables accounted for 39 per cent of the east coast's power grid, up almost 2 per cent for the same period in 2023.
While heatwave conditions and extreme weather events increased the strain on the grid wholesale spot prices were down by 8 per cent, to $76 per megawatt hour (MWh).
AEMO's Executive general manager of reform delivery Violette Mouchaileh said the growth of solar and wind energy in Australia could bring down electricity prices to record lows.
"The move to renewables over traditional coal-fired power generation is well and truly underway and is happening at record pace," she said.
"We are increasingly seeing renewable energy records being set which is a good thing for Australian consumers as it is key in driving prices down and NEM emissions intensity to new record lows."
The AEMO noted solar energy generation was the fastest growing renewable in NSW and Queensland with output lifting by 18 per cent in the last 12 months.
States that followed in record high solar outputs include Victoria, South Australia and Tasmania.
"Wind generation had the next largest increase, up 5 per cent with output from grid-scale batteries up a massive 134 per cent year-on-year," Mouchaileh said.
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