Forecasts are demonstrating that the continuous price fall in electricity units is unavoidable in the near future. These cuts should be given significant attention in terms of providing a long availability across the electricity market.
Australian electricity market commission suggests using battery technology, wind and solar to provide enough power to the consumers on a low price.
Government has not yet decided to allocate the investment for coal and gas generation, apart from the existing projects which are already in pipeline.
The report elaborates that south-east Queensland will see electricity prices fall by up to 20 % by June 2022. That’s a saving of approximately $278 annually for the average household.
New South Wales is likely to see a fall of 8 %, equally $107, followed by Victoria by 5 % ($53), Tasmania by 5 % ($93), ACT by 7 %($134) and South Australia by 2 % ($27).
Unfortunately, prices in Western Australia are expected to rise by 6 %, equaling a total of $102 annually by 2022. The cause is mainly on account of rising gas costs.