Technology cost increases of 20 per cent in the past year are making energy projects more expensive to build which could threaten 2030 climate targets.
– a collaboration between CSIRO and the Australian Energy Market Operator – released in July provides a stark reminder of the challenges of the transition to net zero.It reveals the capital costs of all technologies has increased by about 20 per cent since 2021-22, ranging from 9 per cent for solar to 35 per cent for onshore wind.
Grattan Institute’s energy program director Tony Wood says in the current market the “cost of everything has gone up” which has flow-on effects to projects such as Snowy 2.0 and Marinus Link, which have experienced cost blow-outs. Small modularised reactors cost about a sixth of traditional reactors according to the Australian Nuclear Science and Technology Organisation.The Gencost report outlined the comparative costs of electricity generation via different technologies using levelised cost of electricity data, which is the total unit costs a generator must recover to meet all its costs including a return on investment.
SMRs had also become less economically competitive since the draft GenCost report in December where the cost range was between $140 to $310/MWh. “With nuclear SMR costs not improving due to deployment, their costs increase due to assumed increasing land costs which impact all technologies,” the report says.
“People are paying more for their electricity bills under Labor - despite being promised a $275 cut - because of Labor’s renewables-only policy, meanwhile people in Canada using nuclear power are paying less for their electricity,” he says.
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