GenCost Annual Electricity Generation Cost Projection Report

This document is a technical report that presents the GenCost project, a collaboration between CSIRO and AEMO aimed at updating the capital costs associated with electricity generation, energy storage, and hydrogen production technologies. It emphasizes stakeholder engagement and provides a comprehensive benchmark for cost projections in Australia. The report outlines the methodology revisions for estimating integration costs of renewables, introducing a System Levelised Cost of Electricity (SLCOE) approach and enhancing transparency in data inputs. Key findings include projected electricity costs in the National Electricity Market (NEM) consistent with renewable energy targets and the implications of achieving net zero emissions by 2050. The report also discusses the impact of the COVID-19 pandemic on technology costs and highlights the performance of various technologies in the context of cost changes. Overall, it serves as a critical resource for decision-making in the electricity sector.