Extreme weather, including storms in Victoria and heatwaves in Queensland, strained the power grid and drove wholesale prices higher as the nation experienced its third-hottest summer on record, but costs are on track to fall throughout the rest of this year and into 2025.
“The storm damage impacted supply of electricity to neighbouring regions South Australia and Tasmania, and contributed to high-price events in all three regions,” the regulator said. “Although the summer heat and the power system event in Victoria on February 13 meant that wholesale prices in Queensland and Victoria were higher than the same time last year, all other regions were lower than the first quarter of 2023,” Australian Energy Regulator board member Jarrod Ball said.The rising price of electricity has been a major driver of cost-of-living pressures across Australia.
The Albanese government, which aims to boost renewable sources to 82 per cent of the electricity grid by 2032, says accelerating the green energy rollout will lead to lower prices. Further unexpected weather shocks, such as those in Queensland and Victoria this year, could pose risks for future retail prices.
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