Leading researchers, policy makers, regulators, consumer advocates and industry representatives joined the Australian Energy Market Commission's Connecting Policy and Research Forum this week to examine how behavioural insights and approaches can improve energy policy design and outcomes for Australian consumers.
The annual forum explored the diversity of energy consumers and how they respond to prices, information and incentives, before turning the lens on the energy sector itself to consider how regulators, policymakers and market bodies can examine the assumptions and institutional biases built into the policies and rules that shape the market.
A diverse group of academics and industry leaders unpacked these questions.
Professor Ben Newell (UNSW, Director of the Institute for Climate Risk & Response) explored the cognitive cost of energy decisions in Engaging people in their energy future, arguing that most consumers want just enough engagement with energy decisions to feel informed, without being overwhelmed by detail.
Madelaine Magi-Prowse (Director, Behavioural Economics Team of the Australian Government) set out the conditions consumers need to participate effectively in a market; the ability to notice, access, assess, and act on the right information and signals.
AEMC EGM Consumer, Markets and Analytics Andrew Lewis led our first panel discussion: Professor Liam Smith (Director, BehaviourWorks Australia, Monash University), Professor Yolande Strengers (Monash University), Professor Rebekah Russell-Bennett (University of Canberra) and Dr Brendan French (CEO, Energy Consumers Australia); focused on the role of trust and the challenges of catering to the different needs, interests and outcomes of households and consumers in the energy market.
AEMC Commissioner Lana Stockman led our second panel discussion: Dani Alexander (CEO, UNSW Energy Institute), John Gardner (Senior Social Scientist, CSIRO), Dave Trudinger (Director, Behavioural Insights Unit, NSW Department of Customer Service) and Alex Gyani (Managing Director, Behavioural Insights Team, Asia-Pacific); discussed the value of outcomes-based regulation, how regulators can identify and minimise blind spots in their own decision-making, and how they can act as stewards for the sector.
AEMC Chair Anna Collyer said the forum forms part of our Research@AEMC initiative, which connects policymakers and researchers on issues critical to Australia's energy future.
"There's no such thing as a typical energy consumer, so it's essential our policy thinking is constantly tested against real research, not assumptions. That's exactly what these forums are for," Ms Collyer said.
The AEMC thanks all speakers, panellists and participants at this invitation-only event, which provides such value to our work.
Media: Michelle Stone, 0459 918 964, media@aemc.gov.au