COAG Energy Council has agreed to a timeline to implement 49 of the 50 recommendations put forward in the Independent Review into the Future Security of the National Electricity Market. The actions taken by the Energy Council are expected to increase supply security and reliability and to lower emissions and costs to consumers.
Recommendations agreed to include:
- The establishment of an Energy Security Board to monitor the health, security and reliability of the NEM;
- The introduction of energy security requirements for Transmission Network Service Providers (TNSPs) and generators to ensure that generators are sufficiently resilient;
- The provision of greater transparency on price and availability of long-term electricity retail contracts for large consumers;
- New rules for competitive metering under the NEPP that will enable better negotiation of deals from energy service providers;
- An improvement in the supply reliability and a reduction in energy costs in the NEM through effective demand response;
The Australian Government is considering a Clean Energy Target and Queensland, Victoria, South Australia and the ACT are commissioning the AEMC to provide advice on this matter.
More information here.
The 12th Energy Council Meeting Communique here.