AEMO CEO, Daniel Westerman, said wholesale electricity prices on the east coast have halved from 2022 levels, reflecting the increasing role that low-cost renewables are playing in daily generation.
“More low-cost renewable energy was generated and wholesale energy prices have fallen – a record number of times to zero, and beyond, into negative territory,” Mr Westerman said.
Wholesale electricity prices in the National Electricity Market (NEM) averaged $48 per megawatt hour (MWh) in Q4 2023, which is a drop of 24% from Q3 2023 and down 48%, or half, from Q4 2022. Contributing to the falling electricity prices was record generation output from grid-scale renewables, rooftop solar, together with lower prices for thermal coal
