Australia's record renewable output lowers costs, emissions, market operator says

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Australia's renewable energy output surged in the quarter ended March, pushing down energy costs, driving carbon emissions to record lows and helping replace power generated from coal and gas, the country's energy market operator said on Friday.

Renewable energy supply to the National Electricity Market hit a record of 66% in the first quarter, according to the latest quarterly update from the Australian Energy Market Operator .

The record comes less than a year since Labor Party came to power, promoting clean energy projects and pledging to invest A$20 billion to rebuild and modernise the national electricity network as part of a drive to cut carbon emissions by 43% by 2030 and reach net zero emissions by 2050. "These insights reinforce that critical transmission investments ... are needed to share low-cost, low emission renewable energy with consumers," AEMO CEO Daniel Westerman said in a statement.

Easing La Nina conditions - the weather phenomenon that typically brings more rain - and a relatively mild southern hemisphere summer helped wholesale electricity prices drop back to typical historic levels, the report said.

 

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