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In the last quarter, Australia's main grid saw renewables and energy storage contribute over 50% of electricity supply for the first time, with wholesale power prices down more than 40% year-over-year. Wind generation increased by nearly 30%, solar by 15%, and grid-scale batteries nearly tripled their output, while gas generation fell 27% and coal dropped 4.6%.

These trends indicate a positive direction for the energy transition, potentially leading to lower retail electricity bills by mid-2026. However, challenges remain, including the need for new transmission infrastructure and ongoing reliance on gas as a backup.

Victoria faces specific challenges with dwindling gas supplies and delays in offshore wind development. Despite these issues, Australia's energy system has shown resilience under strain, particularly during extreme weather events.