The announcement today of an expert panel to review the wholesale market settings of the ³Ô¹ÏÍøÕ¾ Electricity Market is welcomed as a critical step towards the delivery of a reliable, affordable, and low emissions future energy system, according to the peak body for generators and retailers, the Australian Energy Council (AEC).
The AEC’s Chief Executive, Louisa Kinnear, said “the panel appointed by the Federal Government is highly credentialed and brings the appropriate mix of skills to consider lasting solutions.
“This review is welcomed and offers a significant opportunity. To achieve its objectives, it is crucial the panel focuses on market principles and a fit-for-purpose design. Amongst other considerations, it will need to consider how best to drive and support future investment in the right mix of technologies, including wind, supported by gas and long duration storage, while keeping electricity supplies secure and stable.
“While the NEM has performed exceptionally well, changes need to be made to ensure it can drive timely investment in both renewables and long duration storage and firming assets. This review provides an opportunity to develop market signals that allow the energy industry and consumers to take the energy transition forward.
“The reshaping of our electricity system predominantly with renewable generation, backed by pumped hydro, battery storage, gas generation and consumer energy resources, like rooftop solar and home batteries, is challenging but comes with significant opportunities.
“This review is a chance to develop a pragmatic and enduring path forward. A successful outcome will allow the energy industry and consumers to decarbonise the energy system at least cost, while ensuring energy continues to be reliable and secure.
“We look forward to engaging with and supporting the panel in this important work,” Ms Kinnear said.
About the Australian Energy Council
The Australian Energy Council is the peak industry body for electricity and downstream natural gas businesses operating in the competitive wholesale and retail energy markets. AEC members generate and sell energy to 10 million homes and businesses and are major investors in renewable energy generation. The AEC supports reaching net-zero by 2050 as well as a 55 per cent emissions reduction target by 2035 and is committed to delivering the energy transition for the benefit of consumers.
