For Australian energy, 2020 started precariously. The bushfires showed the vulnerability of the nation to its subsidy-induced reliance on renewable energy.
Average prices in January reached near-record levels. In addition, the market manager was forced to intervene spending over four times as much as normal — $310 million — buying services and compensating suppliers in order to stabilise the system.
In February, low demand, an influx of renewable energy, and high supplies of hydro brought about a halving of the previous month’s prices.
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