- Category: Renewables
03 Aug 2012
- Published on Friday, 03 August 2012 09:15
- Hits (1348)
Australia, one of the world's coal dependent nations, will fully embrace a bright and green future in the next two decades.
This is according to a report by the government’s Bureau of Resources and Energy Economics, which studied 40 energy technologies available in the country and their ability to help meet the demands of its people.
The Australian Energy Technology Assessment, released early this week, projected that renewable sources, particularly solar and wind, will provide the lowest costs of electricity by mid-2030s.
Thanks to the country’s high number of sunny days and areas of good wind speeds, solar and wind facilities could be producing energy efficiently and cheaply enough to compete with coal prices over the next five to 20 years span of time.
Minister for Energy and Resources, Martin Ferguson AM MP welcomed the release of the A.E.T.A., saying that “the Government is driving innovation and investment in these emerging technologies by putting a price on carbon and through the newly established $3.2 billion Australian Renewable Energy Agency and the $10 billion Clean Energy Finance Corporation.”
The report also found that, as of 2012, biogas and biomass power generation technologies are some of the most cost-efficient forms of electricity generation and should remain so even until 2050.
For non-renewable energy technologies, combined cycle gas and nuclear power are considered the cheapest and will remain cost competitive with the lower cost renewable technologies until 2050.
With these new projections, "[the country’s] energy future is likely to be very different to the present," said Professor Quentin Grafton, Executive Director and Chief Economist of the 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," he said. – C. Dominguez