Wholesale electricity prices plunge 27 per cent as solar and battery storage surge

Key points

• Wholesale electricity prices fell 27 per cent from the July to September period last year, despite record winter demand. The Australian Energy Market Operator attributes the drop to rooftop solar, wind, large-scale solar and battery storage.
• Batteries are shifting record amounts of renewable energy into the evening, when demand is higher. Victoria accounted for almost all of the 1.3 per cent growth in demand.
• Renewable generation overtook gas for the first time, while gas-fired generation fell 34 per cent.