A new report from CSIRO, Australia’s national science agency, has more accurately calculated the integration costs of renewables in electricity generation and found that solar and wind continue to be the cheapest source of energy in Australia.
Each year, CSIRO and the Australian Energy Market Operator (AEMO) work with a range of industry stakeholders to give an updated estimate of the cost to generate electricity for new power plants in Australia, through their GenCost report.
This year, the report — which is now open for public consultation — was improved by using a more accurate system for calculating the levelised cost of energy (LCOE, a metric to compare the cost of electricity generation technology).
CSIRO Chief Energy Economist Paul Graham said the new metric added extra insight to this year's report.
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