Three of Australia’s energy market bodies have teamed up to manage the impact of COVID-19 on the energy sector.
The Australian Energy Regulator (AER), the Australian Energy Market Commission (AEMC) and the Australian Energy Market Operator (AEMO) 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 has written to Federal Energy Minister, Angus Taylor, as chair of the COAG Energy Council, to advise this work will be completed in coming weeks.
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 with the hope that this reduces requests being placed on the industry at a time when it needs 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.
