Renewables will supply majority of Australia's electricity by 2040 – study

Even without subsidies, it will be cheaper to replace retiring coal-fuelled power stations with renewables, Bloomberg predicts

Renewable energy will supply the majority of Australia's electricity by 2040, even without any additional government policy, according to predictions by energy analysts.

It will account for 59% of Australian electricity generation by 2040, as retiring coal and gas plants are replaced by wind and solar, according to New Energy Outlook 2015, which was published by Bloomberg New Energy Finance on Tuesday.