On May 17, Australia's energy regulator released data showing that due to the surge in renewable energy Solar Generators and the decline in electricity prices, Australia's coal-fired power generation capacity hit a record low during the same period from January to March this year.
Data show that in the first three months of this year, Australia’s coal-fired power generation capacity was 15,000 megawatts, a decrease of 800 megawatts from the same period last year.
January-March is usually the peak period of energy consumption in Australia. With the development of large-scale wind and solar farms, the increase in rooftop solar power generation, and the milder local climate compared to the past, the price of the electricity market has fallen. Among them, the wholesale electricity price in Victoria has dropped the most, from over 100 USD/MWh in the same period last year to 27 USD/MWh.
Australian Energy Regulatory Authority Chairman Claire Savage (Claire Savage) said that the drop in wholesale electricity prices puts tremendous pressure on coal-fired power plants. Coal power accounts for a relatively large share of Australia's electricity structure, but due to competition from cheap renewable energy, coal power plants are currently operating at a loss.
The electricity industry is Australia’s main source of greenhouse gas emissions. With the increase in renewable energy generation and the closure of coal-fired power plants, it will help reduce the carbon footprint of fossil fuel-intensive markets. It is reported that coal and natural gas account for about 80% of Australia's power industry.
A report issued by the Grattan Institute shows that in the next 20 years, the Australian energy market may completely get rid of coal without power outages and price increases. However, he said that to achieve 100% renewable energy will greatly increase the cost of power generation, because it is necessary to set up enough dispatchable power to fill the power gap that occurs during peak power consumption.
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