The GenCost 2024-25 Consultation Draft has been released. For the seventh year in a row, renewables have the lowest cost range of any new electricity generation, despite varied inflationary impacts across technologies.
“It's time to have your say,” shares the CSIRO team on LinkedIn.
“The draft 2024-25 GenCost report is open for your feedback until 11 February. The report is an annual process for updating the cost range for building new-build electricity generation, storage and hydrogen technology in Australia.
“Your feedback will help shape the final GenCost report, which will be published mid-year.”
GenCost is an important input into AEMO's Integrated Systems Plan (ISP).
Updated every two years, the ISP outlines the lowest-cost investment to ensure Australians can access reliable, secure and affordable electricity, while meeting our national emission reduction targets. It provides a comprehensive roadmap for developing generation, storage and transmission as ageing coal-fired power stations retire.
The most recent ISP was published by AEMO on 26 June, 2024.
Consultation on AEMO's Draft 2025 Inputs Assumptions and Scenarios, which is used in 2025-26 electricity forecasting and planning activities – including AEMO's 2026 ISP, is currently open to 11 February 2025.
CSIRO Chief Energy Economist and GenCost lead author, Mr Paul Graham, says the draft report found no unique cost advantage in nuclear technology.
“Similar cost savings can be achieved with shorter-lived technologies, including renewables, even when accounting for the need to build them twice,” Graham says.
“The lack of an economic advantage is due to the substantial nuclear re-investment costs required to achieve long operational life.”
The draft report found GenCost’s previous analysis of nuclear’s capacity factor range of 53-89 per cent fair and remains unaltered based on verifiable data and consideration of Australia’s unique electricity generation sector.
It also reported that global median nuclear construction times have increased from 6 years to 8.2 years over the last five years, placing a development timeframe of between 12-17 years. Based on this analysis, GenCost maintained the total development lead time for nuclear in Australia will be at least 15 years.
To get involved visit AEMO | Draft 2025 Inputs Assumptions and Scenarios Consultation.
Image: GenCost is an important input into AEMO's Integrated Systems Plan (ISP) / CSIRO
