Where is all this storage ? It is yet to be built of course . Maybe you haven't heard of Snowy 2.0 ? Or the Tasmanian ' Battery of the Nation ? Or of the many other storage facilities that are being investigated as we speak ?
The capital cost of the existing generation is gone . They are all approaching the end of their lives so that cost is irrelevant .
Yes , you have the future cost of the renewables ( already happening ) and the cost of the storage .
You also have the cost of replacing all the fossil fuel plant which is all getting long in the tooth and has a pretty short future .
So instead of replacing that fossil fuel fleet , which otherwise would need to be done , you spend that money on renewables and storage progressively . As each part of the fossil fleet reaches the end of it's life , the renewables plus storage take over .
Simples .
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