A report from the website Energy Matters stated that the ministers from the COAG concurred to a course of measures in response to the Final Report of the Independent Review into the Future Security of the National Electricity Market.
During the meeting, the Council also discussed the Clean Energy Target proposal of the Finkel Review. Chief Scientist Alan Finkel came up with some recommendations after releasing the results of his review and this includes adopting a Clean Energy Target supported by a national emissions reduction trajectory. The Federal Government currently studies the review, which was released in June 2017.
It was written in the communique released by the COAG that “Energy Ministers have agreed on a timeline to implement 49 of the 50 recommendations, noting Victoria’s policies with respect to onshore gas exploration and development.” Energy Ministers also acknowledged the importance of the Clean Energy Target proposal.
Organizing an Energy Security Board (ESB)
Energy Ministers recognised the need to establish an Energy Security Board (ESB), a new body that consists of an independent Chair, Deputy Chair, and the heads of the AEMC, AEMO, and the AER. This new assembly will oversee energy security and dependability of the NEM, which will be beneficial in enhancing long-term planning.
AEMO has established an extensive set of measures to guarantee its preparedness for the upcoming summer season. The communique released by the COAG mentioned that the AEMO is already acting on the first recommendation of the Finkel Review by undertaking an independent audit and working together with generators to assure added resources to satisfy the demand on the hottest days.
During the meeting, the Council also agreed to do the following:
- Provide greater transparency on the cost and accessibility of long-term electricity retail contracts for consumers
- Provide consumers better management of their energy consumption data
- Provide governments bigger visibility of retail electricity costs, retail margins, and factors that affect prices
- Enhance dependability and more affordable prices in the NEM by having competent demand response
Read the communique released by the COAG for the full report.