Each year, CSIRO and the Australian Energy Market Operator (AEMO) collaborate with industry stakeholders to update GenCost. This leading economic report estimates the cost of building new electricity generation, storage, and hydrogen production in Australia out to 2050.
Short take: Renewables remain the lowest cost option. This year, they’ve added accurate cost estimates for nuclear energy for the first time. Here’s what they said:
The inclusion of large-scale nuclear costs this year was prompted by increased stakeholder interest in nuclear technology following the updated cost estimates for SMRs in the 2023-24 consultation draft.
GenCost found nuclear power to be more expensive than renewables and estimated a development timeline of at least 15 years, including construction. This reflects the absence of a local development pipeline, additional legal, safety and security requirements, and stakeholder evidence.
GenCost 2023-24 report