From Cosmos (9/12/24)…
Sneak peak at GenCost shows renewables still winning
Renewables look likely to be the cheapest energy source in Australia again next year, according to a draft of the new Gencost report from the Australian Energy Market Operator (AEMO) and the CSIRO.
The report has been issued as political debate around the costs of nuclear energy heats up.
The draft 2024-25 GenCost report finds that solar and wind remain the cheapest energy source, even when battery storage is taken into account.
Large-scale solar PV has fallen in price by 8% over the last year, while batteries have dropped in price by 20%.
The cost of onshore wind has risen by 2% because of equipment and installation costs, while gas turbines and black coal have gone up 11% and 4%, respectively.
Nuclear power, meanwhile, has “no unique cost advantage” – even with new considerations accounting for its long life.
It’s the 7th year in a row that the report has found renewable technologiesto be the cheapest new electricity source.