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Australia’s wholesale power prices could nearly double by 2029 amid supply shortfall
New modelling by Rystad Energy suggests Australia’s wholesale electricity prices could rise from about $60 to $110 per megawatt hour by 2029. The forecast points to a supply gap as coal-fired power stations retire faster than replacement generation is built, putting pressure on Labor’s promise of cheaper electricity.
The projected increase applies to wholesale prices, so household bills will not necessarily double: network charges, retail costs and other expenses also shape what consumers pay. Government figures cited in the article show 59 Capacity Investment Scheme projects in development, 22 under construction and one operating. Rising population and electricity use, including from AI data centres, add to demand; Labor says further capacity is expected later this decade and points to investment decisions, while also blaming the previous Coalition government for the inherited position.
In short
- Wholesale prices could rise from $60 to $110 per megawatt hour by 2029.
- Coal retirements may outpace replacement generation.
- Only one of 82 cited scheme projects is operating.
Read the full article at the source →
Originally published by Daily Mail as “Australia’s power prices are now forecast to nearly double despite Chris Bowen and Anthony Albanese promising cheaper electricity”.