GenCost 2024-25 Consultation Draft released. Consultation closes: 11 February, 2025
For the seventh year in a row, renewables have the lowest cost range of any new electricity generation, despite varied inflationary impacts across technologies.
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.
Key findings:
- Large scale solar PV remains the strongest performer, falling 8 per cent for the second year in a row.
- Battery costs record the biggest annual reduction, falling 20 per cent.
- Onshore wind costs continue to increase, but at a slower rate.
- Gas turbine costings increase reflecting the additional cost of being hydrogen ready.
- New insights on nuclear projects, including potential cost advantages of a long operational life, plausible capacity factor ranges and likely development lead time.