14 DAY TRIAL // A study conducted by the Australian Bureau of Resources and Energy Economics recently lead to the publishing of a report which states that, by the mid-2030s, the country's renewable energy industry will develop to such an extent, that green power will be significantly cheaper than the one delivered by coal-based companies.
Apparently, solar and wind energy will become Australia's most efficient and reliable power sources, something which will allow them to act as competitors for coal, both from a financial standpoint, and in terms of reliability.
Thus, as the report puts it, “Differences in the cost of generating electricity, especially between fossil fuel and renewable electricity generation technologies, are expected to diminish over time.”
Furthermore, “By 2030 some renewable technologies, such as solar photovoltaic and wind on-shore, are expected to have the lowest LCOE [Levelized Cost of Electricity] of all of the evaluated technologies.”
According to Business Green, Australia presently relies on coal as its major energy source. Thus, about 80% of this country's energy demands are met by coal energy-generating plants.
It is not difficult to imagine that, should Australia's renewables indeed become a viable option financially-wise in the not so distant future, the country's ecological footprint is likely to diminish to a considerable extent, seeing how green energy would become appealing not just because it helps protect the environment, but also because it cuts electricity costs.
More so since, as the “Australian Energy Technology Assessment” report states, the costs for fossil-fuel technologies might actually increase over the years, as carbon prices continue to go up.
“The results indicate that Australia’s energy future is likely to be very different to the present. This has profound implications for electricity networks, how energy is distributed and Australia’s ability to meet its targeted greenhouse gas emissions reductions,” concluded the specialists who looked into this issue.