ACT households are set to enjoy an average 2.56 per cent drop in electricity prices from 1 July, after the national capital succeeded in reaching its 100 per cent renewable electricity target. The new electricity price determination from the Independent Competition and Regulatory Commission (ICRC) for 2020-21 said that falling wholesale electricity costs driven by increased uptake of renewables, combined with the falling cost of the renewable energy certificates, contributed to the fall in electricity prices. A 7.5 per cent fall in wholesale electricity prices, a 25 per cent fall in compliance costs for the federal Renewable Energy Target and a 16.4 fall in the compliance costs for the ACT’s own renewables and energy efficiency schemes were more than enough to account for a 13.8 per cent increase in network costs for the 2020-21 year. The ACT already enjoyed some of the lowest electricity prices in Australia and has successfully maintained that advantage while also transitioning all of the ACT’s electricity supplies to renewable energy sources. The ACT officially achieved its target of 100 per cent renewables – sourced from a range of wind and solar farms in South Australia, NSW, Victoria and the ACT – in October last year.
Renew Economy 9th June 2020 read more »