Energy Ministers Meeting Outcomes

Energy Ministers met to discuss the status of the market following recent volatility, progress on actions ministers agreed at their last meeting, and agreed new reforms as the economy moves to net zero emissions.
 
All Ministers agreed that deeper action is needed to drive further stability and address price pressures. Ministers also recognised the need to reduce emissions from the energy sector as a high priority.
 
To this end, Ministers agreed a set of new actions to address current issues and support the stable transformation of the sector over the longer term. The most major of these being:

• A package of gas market reforms including extending the Australian Energy Market Operator’s (AEMO) powers and functions to enable them to better forecast and manage east coast supply shortfall risks in winter 2023 and beyond.
• Agreement to put an emissions objective into the National Energy Objectives as the first action under a now agreed National Energy Transformation Partnership
• Taking more active control of the work to ensure firming capacity is in place as the system evolves, and the best means to manage the risks of disorderly exit of coal generation.

To read the meeting communique in full click below: