Renewable Energy Now Cheapest New-Build Electricity In Australia

Renewable energy is now the cheapest new-build electricity generation in Australia, according to the country’s Clean Energy Council.

Kane Thornton (right) with Australia’s Minister for the Environment and Energy, Josh Frydenberg (left) at the Australian Clean Energy Summit 2016

Speaking on Wednesday, Clean Energy Council Chief Executive Kane Thornton told attendees to the Australian Clean Energy Summit currently being held in Sydney that renewable energy has now become the cheapest form of new-build electricity generation in Australia, “and is now set to accelerate the modernisation and decarbonisation” of the country’s power supply.

“The cost reductions we have seen globally in renewable energy over the last decade are wholly remarkable,” Mr Thornton said.

Australia’s renewable energy industry has suffered a lot due to disastrous political actions which saw the majority of the industry wiped away in 18 months under the stewardship of then Prime Minister Tony Abbott. Only in the last year has the industry been able to bounce back, thanks in part to State-led leadership from South Australia. And though Australia’s political renewable energy targets are lackluster, Australia is at least making progress.

“Australia is on track to deliver over 20 per cent of our energy from renewable energy sources by 2020, and its continued growth and development proves that it can play a crucial role in delivering a zero-emission electricity sector in the decades to come,” continued Mr Thornton. “It is now time to turn our attention to a range of technical and regulatory solutions that would allow Australia to ease some of the current challenges in its energy market and lay the groundwork for additional clean energy in the future.”

“We have a national Renewable Energy Target in place with bipartisan support, which is primed to unlock massive economic benefits across the country over the next five years,” Mr Thornton continued in his speech to the Summit.

“There is no question that we are at an extraordinary point in the development of renewable energy and the transition needs to be managed strategically to unlock these opportunities and overcome the continued challenges.”