New Australian study, same old conclusion: Renewables are cheaper than gas, coal

first_imgNew Australian study, same old conclusion: Renewables are cheaper than gas, coal FacebookTwitterLinkedInEmailPrint分享Renew Economy:An updated study on current and future generation costs by the CSIRO and the Australian Energy Market Operator confirms that wind, solar and storage technologies are by far the cheapest form of low carbon options for Australia, and are likely to dominate the global energy mix in coming decades.The first report, GenCost 2018, identified that wind and solar were by far the cheapest forms of new generation technologies, clearly cheaper than coal, and even when combined with storage, remained easily the cheapest form low carbon electricity options.A draft of the updated study, GenCost 2019-20, has been quietly posted on the AEMO website and confirms that wind and solar and storage remain the cheapest technologies, now and into the future, and much cheaper than the technologies promoted by the Australian government – gas, carbon capture, and nuclear.Its capital cost estimates – which assume continue cost reductions for solar, wind and dramatic falls for batteries, remain little changed from the 2018 version, although wind cost reductions are lower than expected last year.And despite ferocious criticism by the nuclear lobby, its estimates for nuclear remain unchanged, largely because it says there have been no technology advances since the last report. It does recognise the potential for small nuclear reactors in certain scenarios, but these are heavily qualified: they are at least a decade away, and would still deliver a levelised cost of energy at least twice that of wind and solar and storage.“The global generation mix is expected to be dominated by wind and solar photovoltaic (PV) by 2050 in all three scenarios explored in this report: Central, High CRE and Diverse technology,” the report says.[Giles Parkinson]More: New CSIRO, AEMO study confirms wind, solar and storage beat coal, gas and nuclearlast_img