Haselwood power station in Victoria closes later this month but wholesale power prices on the ASX Energy futures market have already doubled. Futures contracts for 2018 are even higher and average prices in the real time National Energy Market are climbing much faster than predicted.
These increases are likely to filter through to you in the retail market by June. Power bills are likely to rise by 20% or more. It will not stop there because more coal generators are slated to close and federal policy has virtually stalled all investment in replacement capacity of any kind.
The problem is not a shortage of gas but that we have become too dependent on it because not enough investment has gone into storage of renewable energy. It looks like batteries for your solar panels are going to be good way to keep your power costs down but of course it is not just at home that we need power.
TweedCAN has submitted costed proposals to the Council for two, MegaWatt scale solar thermal installations with storage. These plants can pay for themselves in less than 7 years with a return on investment of around 12%. These projects will not solve power problems in the Tweed but if accepted they will make a great start. Come to one of our meetings to find out how you can help make this happen.