Green Energy To Lower Power Prices

19:26' 10-01-2018
This years 11% rise in electricity prices will be offset over the next two years by a 12% price fall, beginning from the middle of this year, according to the Australian Energy Market Commission (AEMC).

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    Photo: sustainability.uci.edu

    The price fall will result as power from wind and solar generation becomes available, paid for by the Federal Government's Renewable Energy Target (RET).

    AEMC chairman John Pierce said this year's price rise was caused by an increase in wholesale electricity costs after the closure of the Hazelwood and Northern coal-fired power plants. A lack of replacement power generation has pushed the wholesale price up.

    The RET sets legislated annual targets requiring significant investment in new renewable energy generation capacity. The targets increase annually up until 2020, when the target will be 33,000 gigawatt-hours of renewable electricity. This means that about 23.5% of Australia’s electricity generation in 2020 will be from renewable sources.

    At present, many consumers are confused by offers of “discounted” power from retailers. Minister for the Environment and Energy, Josh Frydenberg, says the price of electricity under some offers is higher than the retailer's standard rate, leaving the consumer worse off. The Government has asked the AEMC to ban discounting on electricity offers that are more expensive than a retailer's standard rate.

    Consumers can save as much as $1,000 by switching retailers, but they are often choosing between hundreds of deals which can be hard to compare, as they can have varying discounts and off-peak rates.

    The Government's new Energy Made Easy website offers new tools for more personalised advice and comparisons with a “growing range of more innovative offers”. To search for a better energy deal, visit www.energymadeeasy.gov.au.

    The Victorian Government will deliver free energy efficiency upgrades to 1,000 low income households in Western Melbourne this year, and the Goulburn Valley in 2019, in its “Healthy Homes” program. The Government will partner with Moreland Energy Foundation Limited and the University of Technology Sydney to deliver the Home Energy Assist package.

    It will also measure the health, comfort and financial benefits that can be achieved by improving a building’s thermal performance.

    Somchai R

     

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Keywords: australian energy market commissiongreen energypower price

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