BREE report predicts radical changes to the Australian electricity sector
The Bureau of Resources and Energy Economics (BREE) has predicted that Australian electricity suppliers and the wider electricity sector will soon find themselves needing to adjust, in order to keep up with radical changes in the cost of energy generation.
In the Australian Energy Technology Assessment, released yesterday (July 31), BREE looked to provide consumers with new cost estimates for a range of both renewable and non-renewable electricity generation technologies.
The report identifies solar photovoltaic and wind onshore powers, as well as combined cycle gas and nuclear energy, as being the future of cheap electricity generation in Australia.
It was predicted that by the year 2030, these would be the technologies with the lowest Levelised Cost of Energy - a formula which establishes the minimum electricity prices a generator must charge for produced energy in order to breakeven.
"Australia’s energy future is likely to be very different to the present," said Professor Quentin Grafton, executive director and chief economist of BREE.
"Australia will experience an energy transformation over the coming decades that will have a profound impact for electricity networks, how energy is distributed and on Australia’s ability to meet its targeted greenhouse gas emissions reductions."
The report also predicted that fossil fuels which generated high levels of carbon dioxide would become more expensive due to the carbon price.
Posted by Charlie Moore