More renewables, more record prices

Once again, bad luck for renewables. The AEMO put out their report for the first quarter of 2019. Despite a massive growth in renewables, power prices are still not falling as predicted.

The report highlights that record high spot wholesale electricity prices were set in Victoria and South Australia, and nearly in everywhere else as well:

• Victoria and South Australia’s quarterly average spot wholesale electricity prices of $166/MWh and $163/MWh were their highest on record.

• Victoria and New South Wales recorded their highest underlying energy price on record, while Queensland, South Australia and Tasmania recorded their seconded highest energy prices on record.

These record highs were not just billion dollar price spikes, but the actual underlying energy prices as well.

Looks like a trend here:

Wholesale electricity prices, NEM, Australia, Q1, 2019 | Click to enlarge.

The news gets reported but somehow coal and heat get the blame?

Record power bills in NSW, Vic

Perry Williams, The Australian

Power prices in NSW and Victoria soared to their highest level on record in the first quarter of 2019, with the jump blamed on high coal and gas tariffs and searing summer […]