News

Booming renewables industry halves wholesale power prices

Published

2 years ago

January 25, 2024

Renewable energy’s rapid expansion significantly slashed wholesale power prices in the national energy grid during the latter part of last year.

Prices dropped by more than half in the final quarter of 2023 compared to the same period in the previous year, primarily due to the surge in power generated from large-scale renewables and rooftop solar installations.

For a few hours on New Year’s Eve, South Australia achieved a remarkable feat by relying entirely on rooftop solar panels to meet its energy needs.

A recent report from the Australian Energy Market Operator underscores the increasing significance of renewables in the energy grid, with renewable sources accounting for up to 72% of the total power demand on the east coast during specific intervals over the three-month period.

Regional variations

However, power demand and wholesale prices exhibited regional variations, with Queensland and New South Wales experiencing higher prices compared to South Australia and Victoria.

This disparity can be attributed to an unusually warm spring and summer in some regions of the country.

The national energy market encompasses all states except Western Australia and the Northern Territory.

AEMO’s CEO, Daniel Westerman, emphasized that renewables will continue to exert a growing influence on the energy grid.

He stated, “We are regularly seeing records set for the higher contribution of renewables and lower levels of energy drawn from the grid because of rooftop solar.”

Westerman also highlighted the potential for renewables to push the spot price of power below zero, particularly during daylight hours.

Throughout the three-month period, the spot price in the national energy market was at or below zero approximately one-fifth of the time. AEMO predicts that such opportunities will become crucial in the coming years, particularly as pumped hydro projects like Snowy 2.0 rely on affordable energy to pump water uphill.

News

Oil prices surge as U.S.-Iran tensions escalate

Published

11 hours ago

February 5, 2026

Harvey Vargas

Crude oil prices jumped over 3% on Wednesday as U.S.-Iran nuclear talks showed signs of faltering, pushing WTI futures above $65 per barrel. Axios reported disagreements over the venue and scope of Friday’s talks, while President Trump warned Iran’s supreme leader to “be very worried,” stoking fears of military escalation.

Tensions in the Persian Gulf added to the volatility. A U.S. F-35C shot down an Iranian drone near the USS Abraham Lincoln, and Iranian vessels threatened a U.S.-flagged tanker in the Strait of Hormuz. The USS McFaul escorted the tanker to safety, highlighting the region’s fragile oil supply routes.

Despite the clashes, nuclear talks will go ahead on Friday in Oman, but uncertainty continues to drive oil market volatility, with traders closely watching both diplomatic and military developments.

#OilPrices #IranUS #NuclearTalks #PersianGulf #WTI #EnergyMarket #Geopolitics #OilSupply

News

Washington Post layoffs: Hundreds of journalists cut as Bezos faces criticism

Published

13 hours ago

February 5, 2026

Harvey Vargas

The Washington Post has laid off hundreds of employees, marking what former executive editor Martin Baron calls “one of the darkest days” in the paper’s history. Approximately one-third of the newsroom staff were affected, as the company undertakes a so-called “strategic reset” to compete in a crowded media landscape.

The cuts hit key areas, including the sports desk, local coverage, international reporting, the books desk, and the flagship daily news podcast. Editor-in-Chief Matt Murray said the changes aim to prioritise national security, politics, science, health, technology, climate, and business coverage while positioning the Post for the future.

Critics have called out owner Jeff Bezos for his silence during the layoffs and alleged efforts to influence the paper’s political stance. Former editor Baron warned that the newspaper’s ambitions would be sharply diminished and its credibility could suffer.

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News

Amazon launches AI tools to change film and television production

Amazon MGM Studios tests AI to streamline production, reduce costs, enhancing but not replacing human creativity, says AI Studio team.

Published

18 hours ago

February 5, 2026

Harvey Vargas

Amazon MGM Studios tests AI to streamline production, reduce costs, enhancing but not replacing human creativity, says AI Studio team.

Amazon MGM Studios is stepping into the future of entertainment by developing artificial intelligence tools designed to reduce production costs and streamline filmmaking processes. This closed beta, launching in March, will let industry partners test how AI can enhance creativity and efficiency on set.

Amy Cheng, leading the AI Studio team, emphasises that while AI can accelerate workflows, it will never replace the unique contributions of human creativity. The initiative represents Amazon’s push to innovate in content creation while maintaining the art of storytelling.

The use of AI in Hollywood is expanding rapidly, sparking discussions about its impact on jobs and the future of the industry. As studios explore automation, the balance between efficiency and human artistry remains a central concern.

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