Australia’s energy market bodies – Australian Energy Regulator (AER), Australian Energy Market Commission (AEMC), Australian Energy Market Operator (AEMO) – are focussed on managing the impacts of COVID-19 on the energy sector.
The market bodies are collaborating on a range of measures that will focus on enabling and supporting industry stakeholders to deliver energy security and reliability as well as adequate consumer protections.
Industry has suggested there be consideration of the timeframes for implementation of market reforms to ease this pressure. In response, the market bodies will develop objectives and criteria for amending rule change dates (for rules made but not implemented, changes on foot but not commenced, and changes expected by the AEMC in the coming months).
In addition, the group will consider additional regulatory requirements due in 2020 and work with the Energy Security Board (ESB) on the broader implications of the wider ESB market reforms.
The group will also consider additional regulatory requirements due in 2020 and work with the Energy security Board on the broader implications of the wider ESB market reforms. The market bodies are aiming to provide a coordinated approach to the timing of this important work. We hope this reduces requests being placed on industry at a time when we need them to be focused on sustaining energy security and reliability.
The work will help inform the Energy Coordination Mechanism which was established by the COAG Energy Council, bringing together government and industry leaders for weekly meetings to coordinate a national response to the impact of COVID-19 on energy supplies.
Who are the market bodies?
AEMC: Australian Energy Market Commission is the rule maker, market developer and expert adviser to governments. It protects consumers and achieves the right trade-off between cost, reliability and security.
AEMO: Australian Energy Market Operator is the electricity and gas systems and market operator. It works with industry to keep the lights on.
AER: Australian Energy Regulator is the economic regulator and is in charge of rules compliance. It policies the system and monitors the market.
Who is the Energy Security Board?
The Energy Security Board was established by the COAG Energy Council to coordinate implementation of recommendations from the independent review into the future security of the national electricity market (the Finkel review). It includes the heads of all three energy market bodies.
Media: Kellie Bisset, Media and Content Manager, 0438 490 041 or (02) 8296 7813.