COAG Energy Council response to the Review of Governance Arrangements for Australian Energy Markets (December 2015)

Publication date: Friday, 04th December 2015.

The Review of Governance Arrangements for Australian Energy Markets commenced in February 2015 and was completed in October 2015 with delivery of the Final Report to the COAG Energy Council.

The Expert Panel engaged to conduct the review (Dr Michael Vertigan (Chair), Prof George Yarrow and Mr Euan Morton) concluded that the division of functions established by the current governance arrangements for Australian Energy Markets is fundamentally sound and that Australian energy market governance is amongst best practice internationally. Australia's energy market governance relies on clearly specified and stable policy and appropriate regulatory objectives, delegation of some roles to specialist institutions and importantly, institutional separation.

The COAG Energy Council welcomed the final report and released its response in December 2015. The Council’s Senior Committee of Officials has agreed an implementation plan to deliver the Council’s response to the Governance Review. The Governance Review Implementation Plan (GRIP) breaks up the agreed responses into eight projects, with differing priority levels. The three key projects currently underway are the reforming of Council operations, improving AEMC processes, and the proposed separation of the AER from the Australian Competition and Consumer Commission (ACCC). The GRIP can be found in the files section below.

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