Bright future for renewables
Australia, under a clean energy future, could tap into its substantial renewable energy resources to drive down the cost of renewable energy generation.
This is one of a number of findings in a new report delivered by the independent Bureau of Resources and Energy Economics (BREE), which highlights the future cost competitiveness of renewable energy sources like onshore wind and solar. According to the report – the Australian Energy Technology Assessment (AETA) – differences in the cost of generating electricity, especially between fossil fuel and renewable electricity generation technologies will disappear over time.
The report said by 2030, some renewable technologies, such as solar photovoltaic and wind on-shore, are expected to have the lowest [cost] of all the evaluated technologies, including coal and gas.
It underscores efforts by the Australian Government to boost investment in renewable energy as part of the Clean Energy Future plan, which sets aside $10 billion for the commercially oriented Clean Energy Finance Corporation and $3.2 billion for the Australian Renewable Energy Agency.
‘The Clean Energy Finance Corporation will work alongside the carbon price, the Renewable Energy Target and the Australian Renewable Energy Agency to drive significant renewable energy and clean energy investment and innovation,’ Climate Change and Energy Efficiency Minister Greg Combet said.
‘These mutually supporting elements of the Government’s Clean Energy Future Plan are fundamental to the transformation of our energy sector,’ he said.
The AETA has been developed in consultation with WorleyParsons, the Australian Energy Market Operator, CSIRO and a stakeholder reference group drawn from a wide number of industry and academic organisations.
The AETA is updated on a biennial basis and will be an important input to the Australian Government’s Energy White Paper, due for release later in 2012.
The report is publicly available at the BREE website.