Increased wind and solar generation will help drive power prices down by 2.1% on average over the next two years, according to the Australian Energy Market Commission.
The electricity price trend report, released on Friday, reveals that consumers in South Australia can expect the biggest price falls – down $120 a year on average by 2021 – followed by south-east Queensland ($76), Tasmania ($39), New South Wales ($27) and Victoria ($25).
A driving factor in wholesale prices is an estimated 9,732MW of new generation and battery storage. Gas and coal prices are tipped to increase but the cost will be offset by new generation of which the vast majority, 8,961MW, is delivered through new large-scale renewable projects.
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