Coalition and One Nation’s plan to ditch net zero would not lower power prices, CSIRO report finds
Summary
A new CSIRO report finds that abandoning Australia’s net zero climate target would not reduce power prices. Electricity costs are expected to rise after 2030 no matter the policy, and nuclear power would be the most expensive way to produce electricity.Key Facts
- The CSIRO’s GenCost report analyzes the future costs of electricity generation technologies in Australia.
- The report says electricity generation costs will likely increase after 2030, regardless of net zero policy.
- Nuclear power is projected to be the most expensive electricity source among current options.
- Delaying coal plant closures or building new coal plants would increase greenhouse gas emissions.
- Abandoning net zero targets does not create a cheaper path for electricity generation.
- Electricity wholesale prices peaked in 2022 at $189 per megawatt hour and are expected to rise again as coal plants retire.
- Renewables like solar and batteries are becoming cheaper and replacing the need for gas during peak times.
- Wholesale electricity price makes up about one-third of the total retail electricity bill in Australia.
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