CSIRO GenCost 2024-25 report

GenCost: Cost of building Australia's future electricity needs. Video via CSIRO.

Transcript

00:00How does the Australian energy market plan for future electricity generation in Australia?

00:06New and changing technologies, increasing energy use and the transition to net zero

00:12emissions all create a complex, changing landscape of cost drivers.

00:17Each year after energy sector consultation, CSIRO publishes the GenCost Report to provide

00:24unbiased, accurate and up-to-date cost data for the future.

00:29As we work to reduce our emissions, business leaders and policy makers need high-quality

00:34data from reports like GenCost, which is based on global evidence and real-world projects.

00:41The GenCost Report presents cost estimates of building new electricity generation and storage

00:47projects and hydrogen technologies up to the year 2050.

00:52This includes coal, natural gas, solar, wind, nuclear, bioenergy, hydrogen electrolyzers

00:59and storage, such as pumped hydro and batteries.

01:03The report includes capital costs and levelized costs.

01:07Capital costs provide the investment cost of the equipment, land and installation, and

01:12are used in planning.

01:14Levelized costs combine capital costs with the running costs, such as operating, maintenance

01:20costs and fuel in units that enables us to compare technologies side by side.

01:26The costs to maintain reliable renewable energy supply, known as firming costs, are factored

01:32in from the current year forwards.

01:35The research is technology and policy neutral and involves extensive consultation with industry

01:40and consumers.

01:41The GenCost Report plays a vital role in helping decision makers to plan and build reliable and

01:48low-cost energy solutions to power the future of Australia.

01:53To find out more, visit csiro.au forward slash GenCost.