In a new GenCost report to be released later today, large-scale solar and wind continue to be the least expensive form of new-build power generation until 2050, but the prices of all technologies have enlarged by roughly 20% since 2021-22.
Within the report, it was also noted that batteries will be instrumental in supporting the increase of renewable energy in the power sector.
According to the report by the
AEMO), however, supply chain challenges continue to plague the market and have persisted since the pandemic increasing solar power by around 9% and onshore wind by up to 35%.
Additionally, the report found that nuclear power was still the priciest form of generation until 2050 which might further strengthen the Albanese government’s resolve to block low-emissions nuclear power as an option.
Despite current energy market challenges, government officials have forged ahead to make significant progress with in 2022 with renewable energy now accounting for 35.9% of Australia’s total electricity generation. An improvement from 32.5% in 2021 according to the Clean Energy Australia Report.
Still, reaching net zero emissions by 2050 is a tremendous challenge for a country reliant on coal until recently and yet to be successful, much renewable generation and renewable energy infrastructure advancements most occur before Australia can achieve the ambitious goal.
Specifically with the costs of construction rising paired with energy expenses overall going up, it is expected power customer’s homes will continue to increase too.
Data must be weighed and will be vital for forming a roadmap for renewable integration with the least-cost investments required to replace coal notably with more variable renewables delivering energy for consumers, shared Merryn York, the AEMO head of system design.
To be proactive, however, there are simple steps consumers can take to limit energy consumption which could help with rising bills.
Consider installing a smart thermostat to customize temperature settings and remember to trade conventional light bulbs for LED options saving up to 80% less energy. Other options include using power strips and also energy monitoring devices which can also help customers monitor energy and thereby potentially cutting bill costs.
With energy pricing not projected to get back to regular pricing levels until 2027, it might be best to prepare.
