CANBERRA – Solar and wind remain the cheapest source of energy in Australia, the national science agency has revealed.
The Commonwealth Scientific and Industrial Research Organisation (CSIRO) today published its annual GenCost report in conjunction with the Australian Energy Market Operator (AEMO).
According to the Xinhua news agency, the report found that renewable sources of energy will continue to be Australia's cheapest into the long-term future.
"Even taking into account these extra system integration costs, solar photovoltaics (PV) and wind continue to be the cheapest new sources of electricity for any expected share of renewables in the grid – anywhere from 50% to 100%," CSIRO chief energy economist Paul Graham said in a statement.
"This is projected to continue to be the case throughout the projection period to 2050."
The report also found that solar PV and batteries will continue to experience the fastest cost reduction of any energy source, the report said.
It said that to "realise their full potential" technologies such as carbon capture and storage (CCS), solar thermal and small modular reactors require "stronger global investment".
CCS was one of five priority low-emissions technologies identified for investment over the next 10 years in the federal government's Technology Investment Roadmap, which was released in September, along with hydrogen, soil carbon, storage options and "low carbon" steel and aluminium. – Bernama, December 11, 2020
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