The GenCost 2024-25 draft report released today by the CSIRO and AEMO reaffirms that for the seventh year in a row, renewables continue to have the lowest cost range of any new-build electricity generation technology, said Squadron Energy CEO Rob Wheals.
“The report confirms that nuclear is not currently economically competitive, it won’t be ready in time to meet our immediate needs and even when factoring in a longer operational life – the numbers do not stack up compared to renewables.
“If we want to keep the lights on and deliver affordable and sustainable electricity, it’s clear that there is no other option other than variable renewable energy, backed by storage and flexible gas, that can meet our needs in the timeframe we have available.
“We know that Australia’s coal fleet is at the end of its economic and technical lifespan within the next decade and Australians have already experienced the impacts of increasing outages of ageing coal-fired power plants.
“GenCost has confirmed that the total development lead time for nuclear in Australia will be at least 15 years.
“Now is the time to stay the course and continue to transition our energy system onto least cost renewables.
“Delaying this journey would waste billions in investments, it would risk Australia’s energy security and deny huge economic benefits to many regional communities across Australia.”