Ministers meet in Canberra for the fifth Energy Council meeting
Post date: Thursday, 25th August 2016
The fifth COAG Energy Council meeting was held on 19 August 2016 in Canberra.
Council has agreed to significant reforms to ensure the energy system remains affordable and reliable, focusing on three key areas:
- increasing liquidity and transparency in gas markets
- empowering consumer choice
- ensuring stability and connectivity of the National Electricity Market (NEM).
Significant reports on gas market reform from the Australian Competition and Consumer Commission and the Australian Energy Market Commission provided a strong evidence base and momentum for action, heralding the most significant reforms to the domestic gas market in two decades. The reforms will improve competition, encourage more supply and put downward pressure on prices.
Another key focus of the Council will ensure consumers can confidently take advantage of new technologies such as battery storage through the introduction of appropriate consumer protections.
Council acknowledged the important role played by interconnectors in the NEM and agreed to review regulatory settings to ensure they do not present barriers to appropriate investment in the current market environment. In addition, Officials have been asked to provide advice on economic and operational impacts of existing and proposed state and territory emissions reduction policies on the energy system, which will inform the Council’s consideration of how to better integrate energy and emissions policy.
More information about the meeting can be found in the communique.