The Energy Security Board (ESB) has been granted an extension to continue its operations and see through the Australian post-2025 market design, following a recent meeting of Energy Ministers.
The ESB will continue its crucial post-2025 market design work until at least mid-2021, when it is due to be delivered.
The ESB has been tasked with developing advice for Energy Ministers on a long-term, fit-for-purpose market framework to support reliability that could apply from the mid-2020s.
The ESB will advise Energy Ministers on changes to the existing market design, or recommend an alternative market design, to enable the provision of the full range of services to customers necessary to deliver a secure, reliable and lower emissions electricity system at least-cost.
Federal Minister for Energy and Emissions Reduction, Angus Taylor, said, “The Government has a clear priority to deliver reliable, secure and affordable power.
“It is important the ESB continues its work on the post-2025 market design to ensure system strength now and into the future.”
In addition, Energy Ministers agreed to reappoint Dr Kerry Schott AO and ESB Deputy Chair, David Swift, for a further twelve months, to provide continuity in energy reform.
Ministers also considered the recommendations of the ESB Review. The Review and Ministers’ response will be published shortly.