Australia’s Case for Fossil Fuels Weakens as Solar and Wind Set Records
- Record level of wind, solar generation lowered power prices
- Government argues that fossil fuels needed for secure supply
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Solar and wind power are continuing to set records in Australia, pushing down electricity prices and reducing the profitability of fossil fuel generation.
Wind last year overtook natural gas in power generation for the first time, and together with solar helped cut wholesale prices to their lowest since 2015, the Australian Energy Regulator said Friday in its annual State of the Energy Market report. A record 2.5 gigawatts of rooftop solar entered the National Electricity Market, which covers most of the nation, further eroding the margins of fossil fuel plants.