We’ve heard a lot about Australia recently. First the fires, then dust storms and finally floods. Now we hear power prices fall. The reason they are falling is due to renewables costs falling. The Energy Security Board reckon they will fall be nearly 8% over the next two years. A total of 16% of Australia’s electricity was generated by renewables (mainly hydro, wind and solar with some biomass) in 2018-19, this is set to increase to a total of 27% by 2022 and then 40% by 2030. This is an astounding increase over 2 years the total is going to nearly double with the costs of the generating equipment falling in this time – hence power prices fall.
Tassie obtains 100% of its electricity from renewables, mostly from hydro schemes (building dams in the state has proved controversial and has stopped). South Australia get just over 50% form renewables (lots of wind) whilst Victoria, New South Wales and Queensland get 10-20%. Northern territories got just 4% of its electricity from renewables in 2017 but has 2030 target of 50%. I haven’t managed to find Western Australia’s total but judging by renewable capacity it cannot be very different to the Northern territories.
Roof top solar accounts for a total output of 5% of Australia’s total electricity, which is a very impressive figure. The good news continues with plunging carbon emissions. The main threat to all this? Managing the grid and grid capacity for small-scale generation. But so far so good and its nice to find renewables do actually reduce costs which is another nail in the coffin for their critics arguments.