Modelling done by the Australian Energy Market Operator (AEMO) has shown that costing for 100% renewable Australia is not as expensive as once thought. In fact, the cost is similar to that of staying with fossil fuels in the future.

Papers such as the AEMO study and other modelling by Treasury, the CSIRO and the University of NSW research have shown that a renewable energy mix of solar, wind and other clean power sources will be viable by 2030. They have concluded that if the cost between switching to clean energy in the future as opposed to staying with fossil fuels is comparable, why not make the change and be less susceptible to rising prices.

“We’re exposed to rising carbon prices, we’re exposed to rising gas prices,” said Jenny Riesz, a research associate at the Centre for Energy and Environmental Markets at the University of NSW. “What this [summary] is saying that for around the same price, you can build 100 per cent renewable energy and completely protect yourselves from all of those risks.”

The AEMO modelling shows that the wholesale price of electricity will fall between $100 – $130/MWhr in 2030 and $110 – $150/MWhr in 2050 regardless of the source of generation.

Previously, the argument for not raising the Renewable Energy Target (RET) or for not expanding renewable energies faster has been because of the end cost to the consumer. However, these new studies and price models show that it will make little to no difference to the consumer.

“It puts a wrecking ball through claims by the Coalition and Labor that we can’t go a lot harder and set a 90 per cent target by 2030,” said Greens Senator Christine Milne.

“It’s kind of incredible that we haven’t modelled [a 100 per cent goal] before now, given that the costs are basically the same,” said Jenny Riesz.

Hopefully these new studies will eventually come to the eyes of our politicians and they will have to admit that it makes more sense to strive towards a 100% renewable Australia rather than make the process as slow as possible. The studies were released last Wednesday but have been kept very quiet. Now that they have been brought to the surface, hopefully their message does not fall on deaf ears.