The transition away from energy generated by coal on our electricity grid is inevitable, but it will take decades to achieve and cost about $320 billion.
says coal-fired power plants are likely to shut much earlier than expected, which means the main electricity grid could become coal-free by 2040.
“It is hard for any energy source to compete with wind and solar in Australia because sunshine is relatively strong in most parts of the country, wind speeds are relatively high and land is so cheap, so other technologies [such as nuclear] are really more for other parts of the world where these pre-conditions aren’t so good,” Jotzo explains.
Batteries are fast to dispatch and therefore ideal for short-term responses to a power outage. However, they tend to hold only a small amount of energy before they need to be recharged. “We don’t know what the future gas price will be, what the future emissions penalty will be on gas-fired generators – those things will make a big difference,” Jotzo says.
Australia’s National Electricity Market is one of the world’s longest interconnected power systems with about 40,000 kilometres of transmission lines and cables. “That’s the single largest challenge – mobilising all of that capital to completely revamp the infrastructure,” says Jotzo.
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