Better renovate those coal power plants

That the energy transition is behind is old news. Now we are getting reports of what it might mean.

Australian power prices are ­projected to nearly double by 2029 as delays in building giant wind farms and the closure of coal plants throttle the nation’s energy transition, hiking pressure on Climate Change Minister Chris Bowen who has conceded Labor has “more work to do” to deliver household bill relief.

Wholesale electricity prices will surge up to $110 per megawatt hour from the current $60MWh, with the government’s Capacity ­Investment Scheme failing to ­deliver enough new renewable ­capacity before the country’s biggest coal stations exit the power grid, modelling by consultancy Rystad Energy shows.