GenCost 2023-24 report released
The latest release was shaped by an unprecedented level of industry participation.
What's new?
- Renewables (solar and wind + firming) remain the lowest cost new build electricity technology.
- Large-scale nuclear technology costs included for the first time.
- Future wind costs revised upwards.
- An extensive FAQ section addressing common questions from current and past consultations.
Next steps
The GenCost 2024-25 draft report will be released in the final quarter of 2024. The consultation period will be open for six weeks to gather stakeholder feedback.
A stakeholder webinar will take place during the consultation process to discuss the report's key insights and its role in AEMO's forecasting and planning activities. Details to be advised.
The final GenCost 2024-25 report will be released in the second quarter of 2025.
AEMO's Integrated Systems Plan
GenCost is an important input into AEMO's Integrated Systems Plan (ISP).
Updated every two years, the ISP outlines the lowest-cost investment to ensure Australians can access reliable, secure and affordable electricity, while meeting our national emission reduction targets. It provides a comprehensive roadmap for developing generation, storage and transmission as ageing coal-fired power stations retire.
The most recent ISP was published by AEMO on 26 June, 2024.
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What is GenCost?
GenCost is a leading economic report for business leaders and decision-makers planning reliable and affordable energy solutions to achieve net zero emissions by 2050.
Published annually in collaboration with the Australian Energy Market Operator (AEMO), GenCost offers accurate, policy and technology-neutral cost estimates for new electricity generation, storage, and hydrogen technologies, through to 2050.
GenCost is highly collaborative and transparent, leveraging the expertise of energy industry stakeholders and involving extensive consultation to ensure accuracy prior to publication.
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