The days of coal-fired power and coal plants are numbered.
Reports predict that as many as five of the sixteen remaining coal plants in Australia could be forced to shut shop by 2025, thanks to the increasing popularity of cheap renewable energy sources like wind and solar energy.
Renewable energy plants founded between 2018 and 2025 could provide 70,000 gigawatt hours of energy, i.e, over a third of the nation's current electricity consumption. By 2025, it was estimated that renewable energy would contribute to 40% - 50% of total electricity consumption.
However, a new study led by the consultants Green Energy Market and the Institute for Energy Economics and Financial Analysis (IEEFA) marked that it was likely that previous research had inadvertently underestimated the influx of renewable energy in the Australian market.
Based on the current analyses, it would not be illogical to expect the closure of all of Australia’s coal plants to be preponed by five years.
Moreover, IEEFA's Johanna Bowyer remarked that owing to the virtually limitless abundance of wind and solar energy, energy farms could potentially sell electricity back to the market at unbelievably low prices.