Ministers for the Department of Industry, Science and Resources
The Federal Government welcomes the Australian Energy Market Operator's (AEMO) decision to temporarily suspend the wholesale spot market.
AEMO taking this action will help the NEM alleviate the unplanned withdrawal of generators from the wholesale market.
This is the best way to make sure the lights stay on and AEMO has the Government's full support in taking this action.
This is a tool that was available to AEMO under existing rules - suspending the pricing mechanism temporarily in the market was deemed the best way for AEMO to simplify the operation of the NEM and ensure visibility of actual supply while these challenges are dealt with.
It will continue until AEMO and other agencies can be confident the NEM wholesale market will work as intended and ensure reliable power to all NEM regions.
The Government continues to work closely with AEMO, AER, the States and industry through this challenging time.
This situation once again highlights the importance and urgency of new investment in renewables, storage and the transmission that is needed to ensure affordable and reliable energy supply, and that's exactly what we'll continue working to deliver.