CSIRO Confirms Renewables Lowest-Cost New-Build Energy Australia
CSIRO Confirms Renewables Lowest-Cost New-Build Energy Australia

CSIRO Confirms Renewables Lowest-Cost New-Build Energy Australia

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The CSIRO's 2024-25 GenCost report, released in collaboration with the Australian Energy Market Operator, confirms that renewables such as wind and solar, supported by storage and transmission, remain the lowest-cost new-build electricity generation technologies in Australia, despite inflationary pressures and increased construction costs. Small modular nuclear reactors (SMRs) are identified as the most expensive option, while gas with carbon capture and storage and large-scale nuclear are next in cost but face deployment challenges and potential premiums due to their first-of-a-kind status in Australia. The report highlights that solar PV and battery storage have seen cost reductions, with large-scale solar PV capital costs falling by 8% and battery costs dropping by 20% over the past year, whereas onshore wind costs increased by 6%. CSIRO emphasizes that no unique cost advantages arise from nuclear technology's longer operational life compared to shorter-lived technologies, which can achieve similar savings through replacement. The findings support a diversified energy mix to ensure system reliability and flexibility, with renewables positioned as the most affordable and reliable path forward for Australia's energy future. This comprehensive and annually updated report serves as a trusted benchmark for guiding the nation's energy transition.

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