The CSIRO annual GenCost report has once again confirmed – as it has done since its launch under the Coalition government in 2018 – that integrated renewables are by far the lowest cost option for Australia as it seeks to replace its ageing fleet of coal and gas fired generators.
The draft version for the 2024/25 edition of the report – released on Monday – notes prices of both solar PV and battery storage have fallen again, and are now lower than they were before the global price spikes caused by the Russia invasion of Ukraine.
Battery storage has shown the most dramatic cost reductions – down 20 per cent in the last 12 months alone – while solar has fallen another eight per cent. Wind prices continue to rise, but the increases have slowed to just two per cent in the last 12 months, and CSIRO expects prices to peak soon.
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