FOR IMMEDIATE RELEASE, WEDNESDAY 10 DECEMBER
The Australian Energy Market Operator’s (AEMO) latest roadmap confirms that clean energy backed by storage is the lowest-cost source of electricity for Aussie households and businesses, and any delays to the renewable energy roll-out would hit the hip pocket.
Australia’s move to clean energy is well underway, with records continually being knocked off. Throughout October, renewables supplied 51% of electricity in the National Electricity Market, reaching a peak share of 79% during 11 October.
AEMO’s roadmap makes it clear that accelerating the transition is the only viable path forward. Australia is heading in the right direction, but the pace must increase.
Turbo-charging the roll-out of renewable generation, transmission and storage will not only secure a reliable electricity system for decades to come—it will also help keep power prices down as ageing coal plants retire and gas generation declines.
Climate Councillor and energy expert, Joel Gilmore, said: “We’ve got less time to waste than a Christmas shopper. Getting more clean energy to more households and businesses is the only way to cut climate pollution and protect ourselves against price volatility in the years ahead.
“AEMO’s roadmap shows that electricity consumption is expected to nearly double by 2050, particularly as industry shifts from gas to electricity and more data centres are built, so we can’t afford to be delayed or distracted in our roll-out of renewable energy. In the most comprehensive study of our grid the evidence is clear: any delays to the transition will mean higher costs for consumers.
“The coal clunkers will have all but fallen apart or shut down in 10 years’ time; throwing money at coal-fired plants would be like investing in fax-machine companies. We need to focus on proven renewable technologies, and get on with the job of building out a cleaner, more reliable energy grid.”
Climate Council Senior Advisor, Ben McLeod, said: “The facts don’t lie. AEMO’s analysis shows that in the past four years, the capital cost of new grid-scale solar in Australia dropped by almost 20%, and is expected to drop by at least another 25% by 2030.
“Compare that to the capital cost of new coal-fired power stations with carbon capture and storage; it has risen by more than 50% over the past eight years.
“This is part of a global trend where investors are favouring renewable energy and supporting technologies over fossil fuels. It also shows the opportunities for Australia in new green export industries.
“We should trust the facts and double down on what’s working now. Clinging to the past will only mean higher costs and more climate pollution.”
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A Climate Council explainer about why power bill costs are up can be found HERE
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