The COAG Energy Council is implementing new reforms and a major program to further lower emissions and maintain an affordable energy system.
The three major areas of the reform include increasing liquidity and transparency in gas markets; empowering consumer choice; and ensuring stability and connectivity of the National Energy Markey (NEM).
Reports from the Australian Competition and Consumer Commission (ACCC) and the Australian Energy Market Commission (AEMC) provided strong evidence to implement the reforms, with the council also establishing a new Gas Market Reform Group, led by Dr. Michael Vertigan, to carry out their recommendations.
The reforms will encourage more supply, improve competition, and put downward pressure on prices.
They are considered the most significant reforms to the domestic gas market in 20 years.
Another major focus will be on allowing consumers to take advantage of new technologies, such as battery storage, by implementing a range of consumer protections.
Environment and Energy minister Josh Frydenberg said, “Officials have also been asked to provide advice on economic and operational impacts of existing and proposed state and territory emissions reduction policies on the energy system.”
“This advice will inform the Council’s consideration of how to better integrate energy and emissions policy.”