Australia’s liberalized power market is set up to vary prices in response to supply and demand – a necessary basic market design to ensure stable supply as intermittent sources are introduced and granted priority dispatch over fossil fuels. Even China is adopting drastic time-of-day pricing in some provinces. This kind of design, however, poses a stumbling block to both wind and solar – for the simple reason that when it’s sunny or windy for one installation, it’s usually the same for many or all of them in the same region. That pushes demand up to match supply, which causes prices to collapse to disincentivize fuel-based generators – and this is what’s called price cannibalization, with the presence of renewables on…