The Guardian discusses how Australia could get 90% of electricity from renewables by 2040 with no price increase. Analysis suggests current federal policies will lead to a price rise after 2030 but a more ambitious target would keep bills lower.
Australia could get 90% of its electricity from renewable energy by 2040 without an increase in power prices, according to an analysis by the energy and carbon consultancy RepuTex.
Under current government policies, the country is on track to have 75% of its electricity generated by renewables within 20 years, but the analysis suggests a weak federal policy framework would lead to wholesale prices rising for a period after 2030.
RepuTex’s latest outlook for the national energy market finds investment driven by state policies, including renewable energy targets in Victoria and Queensland, will help keep wholesale electricity prices down throughout the 2020s.
RepuTex examined two scenarios, one that forecasts wholesale electricity prices under current government policies, and another that forecasts prices under the Australian Energy Market Operator’s more ambitious “step change” scenario that uses a carbon budget in line with the Paris agreement. It has made a summary of its report and methodology, but not the full report, available on its website.