Following recent events in the energy market, Energy Ministers agreed at the meeting of 8 June 2022 to:
‘consider additional legislative reform options to enable new gas and electricity contract market monitoring powers as an immediate priority, for introduction into the South Australian Parliament to ensure the AER has the full information and visibility it needs.’
In responding to this request, the Department of Climate Change, Energy, the Environment and Water paper sets out the rationale for, and seeks feedback on, a broad policy position on possible reforms to the existing wholesale market monitoring and reporting (WMM) functions of the Australian Energy Regulator (AER) as currently set out in the National Electricity Law (NEL).
In short, Energy Ministers sought stakeholder feedback on:
- amending limitations on the exercise of the AER’s functions imposed by s 18D of the NEL
- expanding the scope of the NEL WMM functions to contract markets
- adapting this updated NEL model to gas markets through the National Gas Law (NGL).
The AER made a submission to the consultation on 25 August 2022
More information
More information on this consultation can be found on the Australian Government Department of Climate Change, Energy, the Environment and Water website.