IMO I think the increasing demand and decreasing supply will...

IMO I think the increasing demand and decreasing supply will drive wholesale electricity prices higher.

On the supply side...


Source: https://www.cleanenergycouncil.org.au/resources/project-tracker

The table above shows the no. of renewable energy projects that receiving funding. The number of investments going into the sector is decreasing and that's because of the low prices. I foresee that 2021's number will be at most similar or less.

And yes, coal plants closing down further exacerbate the supply issue. In AGL's case, Liddell will be closing in 2022.

On the demand side...

There are a lot of factors. You can factor in almost anything:
1. The economy is slowly opening back up with vaccine roll outs.
2. The demand for more data centres = more power.
3. Electric cars need energy too. Renewables aren't going to fully charge your electric car. Not yet with battery prices and technology where there are now. Based on Australia's energy consumption, electric cars should be renamed as coal cars.
4. How about the rise of cryptocurrency (again)? Those mining rigs need a lot of power.
5. (Insert another industry going digital). You need power.