Thursday, February 22, 2024
Good News in the WorldGreen energy revolution cuts east-coast power costs, ignites optimism

Green energy revolution cuts east-coast power costs, ignites optimism

Green energy surge slashes east-coast power costs, boosting hopes for a sustainable future. Wholesale electricity prices dropped to $83/MWh in Q1, down from $93 in the previous quarter and a record-high $216 in Q3. Rooftop solar panels and new wind/solar farms are driving the decline by reducing grid demand and increasing supplies.

Renewable energy’s share of output rose 4% to 37%, challenging coal’s dominance. Wholesale power prices reached $0 or below more often, pressuring coal-fired generators. The positive trend reflects the success of renewable energy and highlights the need for greater investment in transmission infrastructure to enable the flow of cheap clean electricity across the country.

Source video: InvestNews on YouTube

Source image: MemoryCatcher / pixabay

Source: smh.com.au

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