Public consultation opened today on the CSIRO'S draft of their GenCost 2024-25 Report, finding renewables to be the cheapest option for the seventh year running.
GenCost is a policy-neutral report published by CSIRO and the Australian Energy Market Operator, which provides an assessment of Australia’s electricity generation costs in infrastructure planning.
It looks at estimated costs for new build electricity generation, storage, and hydrogen technologies, which provides politicians, business leaders and key decision makers with capital costs and data comparisons for possible planning and financing.
Renewables were found to be the cheapest new build option for the seventh year while it was reaffirmed that a nuclear power plant would cost double, even with the longer lifespan afforded to reactors.
CSIRO Chief Energy Economist and GenCost lead author, Mr Paul Graham, said the draft report found no unique cost advantage in nuclear technology, reaffirming the agency's similar findings back in May.
This was met with backlash earlier in the year from a range of pro nuclear advocates, including the oppositions energy spokesman Ted O'Brien.
National frontbencher Barnaby Joyce also pushed back on the findings, stating that “If CSIRO are right, then all these other countries in the world [with nuclear power] must be wrong”.
The Coalition has already put forward a nuclear power plan for Australia but is yet to release the expected cost.