Renewables are cheapest - CSIRO’s 2023-2024 Gencost report finds.

Today the CSIRO released its 2023-24 Gencost Report, produced in association with Australia’s Energy Market Operator (AEMO).

The report finds that renewables (solar, wind and firming) are the cheapest new build option for generating Australia’s current and future electricity needs. Despite the nuclear lobby claiming otherwise this cost of renewables in the report includes the costs of connection, the building of batteries and other storage options.

The report also found that global renewables are the fastest growing energy generation across the world.

The CSIRO report has also found that nuclear reactors will cost at least $8 Billion dollars. The report also examined the time frame to build one - more than 15 years, which does not include the estimated 10 years for political changes such as removing laws banning nuclear reactors at state and federal level. If you ignore the political timeframe it is estimated that it would take until at least 2040 at the earliest if you add the estimated 10 years for political change and that blows out to 2050. That is too long to wait to remove carbon emissions from our electricity grid.

The report also found that, even in the best case scenario, the cost of generating electricity from nuclear reactors, particularly the coalition’s preferred small module nuclear reactors, is significantly more expensive than generating electricity from solar, wind and firming. The CSIRO included all costs required to firm up renewables (note “firm up” is the new buzz term for baseload or dispatchable electricity) making the comparison like for like.

You can download the CSIRO Gencost Report: https://www.csiro.au/en/research/technology-space/energy/GenCost Today the CSIRO released its 2023-24 Gencost Report, produced in association with Australia’s Energy Market Operator (AEMO).

The report finds that renewables (solar, wind and firming) are the cheapest new build option for generating Australia’s current and future electricity needs. Despite the nuclear lobby claiming otherwise the cost of renewables in the report includes the costs of connection, the building of batteries and other storage options allowing it to make like for like comparisons.

The report also found that global renewables are the fastest growing energy generation option across the world.

The CSIRO report has also found that a single nuclear reactor will cost at least $8 Billion dollars. The report also examined the time frame to build one - more than 15 years, which does not include the estimated 10 years for political changes such as removing laws banning nuclear reactors at state and federal level. If you ignore the political time frame it is estimated that it would take until at least 2040 at the earliest if you add the estimated 10 years for political change and that blows out to 2050. That is too long to wait to remove carbon emissions from our electricity grid.

The report also found that, even in the best case scenario, the cost of generating electricity from nuclear reactors, particularly the coalition’s preferred small module nuclear reactors, is significantly more expensive than generating electricity from solar, wind and firming. The CSIRO included all costs required to firm up renewables (note “firm up” is the new buzz term for baseload or dispatchable electricity) making the comparison like for like.

It is important to note that when the report refers to “nuclear” as a new technology and a new industry it is referring to “nuclear” not being used in Australia for energy production and that an entire industry would need to be developed. Be aware that some nuclear advocates are distorting this.

You can download the CSIRO Gencost Report: https://www.csiro.au/en/research/technology-space/energy/GenCost