We must place emphasis on the redesign of the energy market through improved energy infrastructure, increase access to modern energy services for marginalized communities, and mobilize finances to meet the demands of a dynamic energy landscape.
The Australian Energy Market Commission (AEMC) is the expert energy policy adviser to Australian governments. We make and revise the energy rules and provide advice. The 2024 Residential Electricity Price Trends report is the first with a 10 year outlook. We intend to update this publication annually, and take into account new information
With these five trends to watch in 2024, there will likely be many opportunities and challenges for the electric power industry—from reaping the benefits of accelerating electricity demand and landmark clean energy legislation, to preparing to serve significant new load with an increasingly complex grid replete with valuable new resources, if
The IEA real-time electricity map displays electricity demand, generation, spot prices, trade as well as CO 2 emissions from more than 50 sources. Data is available historically, as well as daily or hourly, and at country or regional levels. Explore the map to discover visuals and analysis.
Given these trends, the International Energy Agency''s Electricity 2024 is essential reading. It offers a deep and comprehensive analysis of recent policies and market developments, and provides forecasts through 2026 for electricity demand, supply and CO 2 emissions.
The AEMC has developed a 10 year outlook for residential electricity prices, to help the energy sector plan ahead and make informed decisions that support Australian energy consumers in the transition to net zero.
The models developed were also tested against a range of hypothetical scenarios to see how household electricity prices might change based on different supply and demand conditions in the national electricity market (NEM) over the next 10 years.
Rather than just examining electricity bills, the analysis also considers how households'' total energy costs or their ''energy wallet'' will change as they electrify transportation, heating and cooking.
The 2024 Residential Electricity Price Trends report is the first with a 10 year outlook. We intend to update this publication annually, and take into account new information and analysis to continually improve our projections.
We modelled each component of electricity costs – wholesale, network, renewable/energy efficiency schemes, and retail costs – using publicly available data from industry and government bodies, such as the Australian Energy Market Operator''s (AEMO''s) latest system plan and revenue determinations from the Australian Energy Regulator (AER), with a range of assumptions built in to reflect how the market is expected to operate.
We previously produced a 3-year forecast of electricity prices. A 10-year outlook reduces the potential for confusion with the Australian Energy Regulator''s (AER''s) Default Market Offer, is more robust to short-term market volatility, and provides more scope for useful insights.
The AEMC acknowledges and shows respect for the traditional custodians of the many different lands across Australia on which we all live and work. We pay respect to all Elders past and present and the continuing connection of Aboriginal and Torres Strait Islander peoples to Country. The AEMC office is located on the land traditionally owned by the Gadigal people of the Eora nation.
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