ANALYSIS: Why Canberrans' power bills won't rise despite electricity prices soaring elsewhere
Its causes are many: the war in Ukraine; extended cold snaps during La Niña; a lack of domestic gas supply; unreliable coal-fired power plants; and years of delays in building a grid based on renewable energy and batteries.
This pay-off is the result of a decision taken a decade ago, which hasn't always been popular in the ACT.The Royalla solar farm was the first supplier contracted under an ACT feed-in tariff.The first step was small: a long-term contract with the Royalla solar farm just outside Canberra.The ACT locked in deals with the massive wind farms at Hornsdale in South Australia, and other large generators.
But he argued the environmental benefits were worth it — it was, he said, the price of kickstarting a strategically important industry.The wind farm near the Hornsdale Power Reserve in South Australia.The price in each of the ACT's long-term contracts — the so-called "strike price" — sometimes fell below the market price. This is happening again now.
The chart below compares the average strike price of the ACT's main renewable electricity contracts with the average market price over the past decade.And right now, the ACT network is getting an incredible bargain.For example, it doesn't show the many changes in price throughout the day, nor differences between state markets — all of which affect the ACT in small ways.
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