The AER, along with the Australian Energy Markets Commission (AEMC) and the Australian Energy Market Operator (AEMO) have today launched the Market Bodies Forum.
Collectively, the three market bodies provide a whole of system perspective on the challenges and opportunities in the national electricity and gas markets. Together we possess many of the necessary powers and functions to develop, implement, execute and then monitor compliance with changes to market frameworks that are necessary to support the transformation of the energy system, now and into the future.
The Market Bodies Forum enhances the overall quality and focus of advice on national energy matters.
It does this through:
- Regular coordinated reporting and advice to COAG Energy Council on the state of overall health of energy markets to assist them in providing leadership and strategic policy direction.
- In line with the statutory powers and functions of its members, co-ordinating activities with each other to achieve greater efficiency and timeliness and to reduce duplication.
- Establishing a channel through which COAG Energy Council can quickly seek, or the Market Bodies Forum can proactively provide, collective advice on issues and on necessary actions to address these.
Arrangements to underpin the operation of the Market Bodies Forum are set out formally in a Charter and a tri-partite Memorandum of Understanding.