• CSIRO finds nuclear power as too slow and too expensive
• DCCEW has selected 19 renewable energy projects totaling 6.38GW
• ECMC meeting highlights significant progress in reducing emissions and improving energy affordability

CSIRO finds Nuclear Power as too Slow & too Expensive.

A new report from Australia’s CSIRO has dealt a significant blow to the nuclear power industry. The study found that building nuclear reactors in Australia would be at least twice as expensive as renewable energy sources like solar and wind. Moreover, the construction timeline for a nuclear plant is estimated to be a minimum of 15 years, far too slow to address Australia’s urgent need for the energy gap left by exiting coal generators.

The report concludes that renewable energy, particularly solar and wind power combined with battery storage, offers a more cost-effective and timely solution for Australia’s energy future.

DCCEW has selected 19 Renewable Energy Projects totaling 6.38GW.

The Department of Climate Change, Energy, the Environment and Water (DCCEEW) has greenlit 19 renewable energy projects totalling 6.38 GW of capacity, including 3.6MWh hybrid projects under the Capacity Investment Scheme (CIS) Tender 1. These projects will be connected to the National Energy Market (NEM) and power three million households. The following are the generation allocations per jurisdiction:

• • NSW: 3.7 GW of generation and 904 MWh of storage (7 Projects)
  • VIC: 1.6 GW of generation and 1,458 MWh of storage( 7 Projects)
  • QLD: 550 MW of generation and 1,200 MWh of storage (2 Projects)
  • SA: 574 MW of generation (3 Projects)

The CIS tender is a tender process held every 6 months until 2027 and aims to deliver 23GW of renewable energy. This significant investment aligns with Australia’s ambitious target of reaching 82% renewable electricity by 2030.

Recent Energy & Climate Change Ministerial Council (ECMC) Meeting.

The recent ECMC meeting highlighted significant progress in reducing emissions and improving energy affordability, including a record 35.6% fall in electricity prices. Key developments discussed were the First Nations Clean Energy Strategy and the updated Home Energy Ratings Disclosure Framework.

DCCEEW is developing a government roadmap for expanding Australia’s Commercial Building Disclosure. The AEMC’s 2023-2024 annual report outlines 19 rule changes, including mandatory smart meter deployment by 2030. Other notable developments include:

• • NEM wholesale market review
  • Improved energy efficiency in newer homes, especially in the ACT
  • Potential for a 66-71% emissions reduction by 2035
  • Rising home insurance costs due to climate change risks
  • $50 million CEFC commitment for home energy upgrades
  • Victorian government’s focus on renewable gas and energy upgrades
  • Greater Sydney’s Heat Smart City Plan

At Ecovantage, we consistently analyse market activity, policy changes, consultation releases, and creation rates in conjunction with wider landscape activity. This allows us to keep our clients at the forefront of all relevant changes, and to leverage the advantage that this presents. Thank you for your continued support, and please reach out if you have any general or project-specific questions.