The draft report for consultation of an annual assessment of the costs of electricity generation, energy storage and hydrogen production technologies. It finds for the seventh year in a row, renewables have the lowest cost range of any new electricity generation, despite varied inflationary impacts across technologies.

GenCost is a collaboration between CSIRO and AEMO with a strong emphasis on stakeholder engagement. 

Key findings

• Large scale solar PV remains the strongest performer, falling 8 per cent for the second year in a row.
• Battery costs record the biggest annual reduction, falling 20 per cent.
• Onshore wind costs continue to increase, but at a slower rate.
• Gas turbine costings increase reflecting the additional cost of being hydrogen ready.
• New insights on nuclear projects, including potential cost advantages of a long operational life, plausible capacity factor ranges and likely development lead time.

Consultation closes 11 February 2025.