A spotlight on Australia's great electricity story

Energy demand is declining in Australia – thanks largely to solar PV and energy efficiency programs – and the result is a sharp fall in wholesale prices and no need for new power plants. Surely that's a story that warrants bipartisan applause.

The recent focus on retail electricity price rises has obscured the big story being played out in the wholesale electricity market.

With demand falling, wholesale prices are collapsing and governments should be wary of rent seeking while the market plays its hand.

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