Australian Wind, Solar Power May Have Lowest Costs by Mid-2030s

Australian wind- and solar-power projects are forecast to produce some of the nation’s lowest- cost electricity by the mid-2030s, according to the government’s Bureau of Resources and Energy Economics.

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,” Quentin Grafton, executive director of the bureau, said today in a statement.

The federal government, moving toward a target of generating 20 percent of the country’s electricity from renewable energy by the end of the decade, released the Australian Energy Technology Assessment report today. The nation introduced a price on carbon emissions earlier this month.

Australia burns coal to generate almost 80 percent of its electricity. Gas-fired power stations will remain competitive with lower-cost renewable energy technologies through 2050, Energy Minister Martin Ferguson’s office said today in a statement.

To contact the reporter on this story: James Paton in Sydney at jpaton4@bloomberg.net

To contact the editor responsible for this story: Andrew Hobbs at ahobbs4@bloomberg.net

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