The Australian Energy Market Commission and its energy market body colleagues have released further detail on the plan to adjust for the COVID-19 pandemic while maintaining momentum on the most important energy reforms.
This follows extensive feedback from stakeholders on draft advice on the joint market bodies’ COVID-19 power plan.
Today’s release gives further advice on the collective work program of the energy market bodies, including a regulatory implementation map.
The prioritisation framework is designed to ease regulatory pressure on the energy sector during the COVID-19 crisis while also protecting key reforms already underway to deliver a cheaper, fairer, lower emissions power sector for consumers.
The plan will strike a balance on what work needs to continue, what can be slowed down and what can be deferred.
We are making power system security and projects that support consumers and keep industry financially viable our top priority.
The market bodies will continue to monitor the aggregate impact of the reform work program.
The framework can be refined to make adjustments where necessary.
We will provide updates of the status of the prioritisation process as they are needed.
We are separately addressing the issue of whether delaying the five-minute settlement start date will help or hinder energy businesses through a rule change request submitted by AEMO.
The bodies are meeting fortnightly as part of the Energy Coordination Mechanism, which brings together government officials and industry to coordinate a national COVID-19 response on energy supply.
Media: Kellie Bisset, Media and Content Manager, 0438 490 041 or (02) 8296 7813