- Australia needs a complete redesign of the electricity market
- Energy Security board advises Federal and state ministers
- Says a reform would guarantee affordable electricity
The Energy Security Board (ESB) of Australia has advised the federal and state ministers that a redesign of the national electricity market is necessary to ensure affordable electricity to consumers.
The Board Chair, Dr Kerry Schott, stated that the electricity market needs a total redesign.”This isn’t just a tweak around the edges – it’s about a whole redesign of the national electricity market. We expect governments will need time to develop their responses,” Dr Schott said. “It’s something we have to do to confidently embrace Australia’s energy future while reducing the risk of price shocks and blackouts.”, Dr Schott added.
The ESB has offered to work with the Australian Energy Market Commission, Australian Energy Market Operator and the Australian Energy Regulator to implement reforms to the National Electricity Rules. On his part, the Federal Energy Minister, Angus Taylor, has said it is necessary to ”provide the right market signals to drive investment in a dispatchable generation”.