Electricity, News

AEMC to advise on electricity prices and power system security

The Minister for the Environment and Energy has tasked the Australian Energy Market Commission (AEMC) with providing policy advice to increase power system security and reduce electricity prices, in accordance with the emission reduction targets set out in the Paris Agreement.

The review will be completed jointly with the Climate Change Authority (Authority) and is due for completion by 1 June 2017.

The Authority and the AEMC note there has been significant consultation on matters covered by this current special review, most recently through the Authority’s special review on Australia’s climate goals and policies (which covered policies for electricity generation and concluded in 2016), and for the Independent Review into the Future Security of the National Electricity Market (the Finkel Review). The submissions to these review processes are generally accessible and in the public domain.

As key consultation inputs to the review and in the interests of efficiency, the Authority and the AEMC will draw on submissions made to the Independent Review into the Future Security of the National Electricity Market, and relevant previous submissions to the Authority’s Special Review on climate goals and policies. The AEMC’s ongoing consultation and analysis in relation to the System security market frameworks review will also be utilised.

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