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Strengthening Australia's Energy Policy Framework

23 October 2015

Today I welcome the release of the Final Report of the Review of Governance Arrangements for Australian Energy Markets.

Importantly, the Report, prepared by a panel of independent experts led by respected energy industry adviser, Dr Michael Vertigan AC, notes that the separation of functions between Australia’s energy institutions is international best practice.

However, the energy sector has experienced unprecedented change in recent years. The Report notes that some fine-tuning could be pursued to support this change into the future. The Report also provides recommendations on how the COAG Energy Council (Council) can best perform its role in overseeing key energy reforms.

A number of these recommendations are already being acted upon, including improving the efficiency, visibility, and transparency of Council functions, and increasing opportunities for stakeholder engagement. The Council will seek to build on these initial actions when responding to the Report.

The recommended changes aim to ensure that Australia’s energy governance arrangements remain agile and flexible to support national energy objectives and ensure that energy markets serve the long-term interest of consumers.

As Chair of the Council, I look forward to working with the other members ahead of formally responding to the Report at the December 2015 Council meeting.

The Report is available from the Council website: http://www.scer.gov.au/

Media contact: Mr Frydenberg's office 02 6277 7180