In a recent analysis of the National Electricity Market (NEM), Australian Energy Market Operator (AEMO) said wholesale costs soared 141% in the three months to March 31, 2022, compared with the same period last year.
With prices averaging $87 per megawatt hour (67% higher than the previous 3 months), the AEMO has foreshadowed that energy retail prices could rise up to 20% per year. For Australians, this means that households already battling the rise of living costs, will now see further increases in their energy bills too from the middle of the year.
Renewable Energy Adoption
Dale Koenders from the AEMO said on the adoption of renewable energy “As we go through this energy transition, and prioritise green electricity, what we are facing is greater volatility, greater uncertainty, and higher prices,”
“And until we get to that end point where there is sufficient hydro build-out and battery storage as per government targets, we are going to continue to face increased volatility in the electricity market.”
Source: Energy Action
Founder & Manager of Horan & Bird Energy. Director of Master Electricians Australia. John has played a key entrepreneurial role in the transformation of the Energy Landscape in Queensland having founded Horan & Bird in 2004 and building it to a $35 Million Business. The business was then sold, repurchased and merged with Juice Capital in 2020. Juice Capital own one of the largest renewable energy funds in Australia and allow customers to go solar and batteries for no up front capital through Power Purchase Agreements.