Booming rooftop solar uptake and a big pipeline of large-scale wind and solar project are likely to deliver 50 per cent renewables for Australia by 2030, despite the Coalition’s policy vacuum, a new report has found.
The Reputex modelling contradicts one of the Coalition government’s favourite scare campaigns, that Labor’s 50 per cent renewables target by 2030 would ruin the economy and push up prices.
Reputex says that target will likely be reached anyway, with no change to federal energy policy, underpinned by around 19GW of new renewable capacity and the big surge rooftop solar installations.
Prices could rebound to more than $100/MWh, and even peak at $130/MWh in the mid 2030s, because the Coalition’s policy vacuum would fail to encourage enough new generation to replace the existing thermal plant.
“Under current policy we see around 11GW of new large-scale wind and solar entering the system by 2030, underpinned by the Queensland and Victorian renewable energy targets, along with a further 8GW of new rooftop solar installations”, said RepuTex head of research, Bret Harper.