In delivering the Independent Review into the Future Security of the National Electricity Market-Final Report ('the Finkel Review') in June this year, Australian Chief Scientist, Dr Alan Finkel AO, emphasised the importance of good governance and ensuring there is a coordinated approach from energy market bodies to the rapidly changing National Electricity Market (NEM).
A key recommendation of the Review was the establishment of the Energy Security Board (ESB), comprised of the Australian Energy Market Commission (AEMC), Australian Energy Market Operator (AEMO), and Australian Energy Regulator (AER), with independent Chair and Deputy Chairs.
COAG Energy Ministers also agreed that there was a need to provide a mechanism to allow for the timely implementation of the Board's recommendations. Therefore, the COAG EC is consulting on a Draft Bill to effect a mechanism whereby the Energy Security Board (ESB) can make rules.
While we support the establishment of an ESB with supporting governance arrangements to further the objectives in the Finkel Blueprint, we have significant concerns with the arrangements proposed.
AGL’s submission outlines our position and concerns with the arrangements being proposed- link to submission