AEMO: Electricity prices depressed for years

AEMO has massively downgraded its forecasts of electricity demand, which suggest consumers will win. But coal power stations will be badly squeezed through carbon costs combined with depressed prices caused by renewables and energy efficiency.

With major implications for wholesale electricity prices and the viability of new electricity generation projects and new network investment, the Australian Energy Market Operator (AEMO) has released forecasts that massively downgrade electricity demand for the eastern Australian National Electricity Market. According to AEMO this has been driven by rapid growth in solar PV, greater energy efficiency, reduced economic growth and a reduction in manufacturing output.

While this is good news for electricity consumers and greenhouse gas emissions, it is most definitely bad news for those wanting to build new, large-scale power generation projects and existing coal power generators.

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