Why are retail power prices finally falling?

By Tony Wood, Senior Fellow in Energy and Climate Change, Grattan Institute

Renewables and energy storage were pitched as a way to drive down power prices. But the hidden costs of the clean energy transition mean lower prices haven’t fully eventuated.

That’s why this week’s news power prices will fall by up to 10% have been gratefully received by the government – and consumers. The falls are real, though they do not apply everywhere.

There are important caveats. The cheaper power will directly apply to customers on the default…

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