"According to a July 2023 report from Net Zero Australia (a consortium from the University of Melbourne, University of Queensland, Princeton University, and management consultancies Nous and Evolved Energy), the cost of meeting the 82% RET would be $1.2 to $1.5 trillion by the end of this decade, with $7 trillion to $9 trillion in capital required by 2060 to meet Australia’s goal of net zero by 2050.

Source: Net Zero Australia
Much of this predicted cost is attributed to the huge amounts of storage required to offset the inherent intermittancy of wind and solar:

The intermittency of renewable energy is especially noticeable in the winter, when solar generation is low and there are typically long periods of low wind.
The Snowy Hydro 2.0 pumped hydro project is a microcosm of the cost and difficulty of achieving the ‘net zero’ fantasy.
Snow Hydro 2.0 aims to use surplus renewable energy generated during the day (mostly solar) to pump water up to an elevated reservoir, which is then released at night or during wind droughts to provide hydroelectricity when renewable generation is unavailable.
The cost of Snowy Hydro 2.0 has skyrocketed to unimaginable levels.
The former Turnbull Coalition government initially announced that the project would cost $2 billion and be finished by 2021. The government increased the cost to $6 billion, then $12 billion by 2023.
Problems persist, however, with Snowy Hydro 2.0 still under construction and years behind schedule. As a result, taxpayers are facing further cost blowouts and delays.
Snowy Hydro chief executive Dennis Barnes last week indicated that the cost blowout is so great that it will take 9 months to fully quantify.
“We have gradually come to the realisation, and then quickly come to the realisation that we’re not going to achieve the schedule at target cost of $12bn”, Barnes said.
“We need some time to do a proper analysis of what the final cost will be, but it was clear as we were finalising our annual report that we weren’t going to be able to achieve the $12 billion”.
Snowy Hydro admitted productivity improvements have not been delivered as expected, and the project can no longer absorb the costs associated with the “geological challenges”, which have ranged from rock too hard to penetrate to land too soft to drill.
To add salt to wounds, Snowy Hydro 2.0 will be linked via the 365-kilometer HumeLink in southwest New South Wales. This ‘green’ project is also behind schedule, and the estimated cost has risen to about $5 billion.
HumeLink was originally pitched at $1.3 billion by Transgrid before official estimates put it at $3.27 billion in 2021 and then $4.88 billion in 2024, when its carrying capacity was also reduced from 2.6 gigawatts to 2.2 gigawatts.
While construction on HumeLink has finally commenced, it has not yet secured all its landowner agreements."
https://www.macrobusiness.com.au/2025/10/snowy-hydro-2-0-and-the-soaring-cost-of...