" RESEARCH SHOWS PRICE WILL DRIVE SHIFT TO RENEWABLE ENERGY
Economic factors alone could lead to Australia sourcing 86% of its electricity from solar and wind generation by 2050, according to research conducted by Bloomberg New Energy Finance (BNEF).
Anti-pollution and carbon emissions policy will not affect the uptake of renewable energy sources as much as those sources becoming a cheaper alternative to traditional non-renewable generation methods.
BNEF representative Seb Henbest said that the change is expected because wind and solar generation is already the cheapest source of large-scale new generation and is set to undercut the cost of existing fossil fuel power plants as well.
“This is not a prediction based on policy, just economics,” Henbest said this week. Despite such a system requiring energy curtailment – which is the reduction of some types of generation within a grid to maintain balance, coupled with sizeable energy storage capability that would be needed – the research found that even with these extra issues, wind and solar would still be the cheapest option."
