During the early years of the climate wars, it was argued that coal-fired generation was more economical and that global warming was a hoax. However, those seriously considering global warming maintained that the extra cost of renewable energy was a necessary expenditure for the planet’s preservation.
Presently, it’s widely acknowledged that the most cost-effective mode of new energy generation is solar and wind power. This shift is not lost on the energy sector, which shows no interest in constructing new coal-fired power plants. In fact, Australia boasts the highest rate of rooftop solar PV globally.
Contrarily, nuclear energy remains the most expensive form of new generation. The recent nuclear power announcement by Peter Dutton, which promises to obstruct the renewables rollout and increase electricity costs, is being viewed as detrimental. It risks both higher emissions and increased electricity costs.
Australia’s Renewable Resources
Australia is blessed with an abundance of sunshine, wind, and land, suitable for renewable generation. This is a significant competitive advantage for the country. The challenge lies in storing excess electricity generated when supply exceeds demand, for instance, during periods of high solar or wind activity. Currently, batteries and pumped hydro are being utilised for short and long-term storage, respectively.
Companies like Upper Hunter Hydro are developing two pumped hydro projects that can store electricity equivalent to a large coal-fired plant. There are also several other similar projects underway across Australia.
Nuclear Power and Renewables
Contrary to Dutton’s assertion that nuclear power is needed to support renewables, the inflexible nature of nuclear power generation makes it incompatible with renewable energy. Nuclear power plants operate at a constant level throughout the day and cannot be turned off when there is a glut of solar or wind power. Instead, flexible, despatchable power sources like batteries and pumped hydro are better suited to support renewables.
Nuclear power plants face economic challenges as they are unable to compete with solar and wind power for a significant part of the day. As a result, they contribute to excess supply, which is then absorbed by batteries and pumped hydro, further increasing competition for the nuclear plant during the night.
The Coalition’s Plan
The Coalition’s strategy appears to involve intervening in the energy market, constraining the rollout of cost-effective solar and wind energy while investing taxpayer’s money in the expensive nuclear energy. This move, in response to a cost-of-living crisis, could possibly lead to higher electricity prices and a delay in renewable energy rollout. The second round of Australian climate wars could prove to be an expensive and dangerous farce.
Original Story at www.theguardian.com