Security, Reliability, Affordability and Sustainability of the National Electricity Market
On 9 June 2017, Australia's Chief Scientist, Dr Finkel delivered his Final Report of the Review to the meeting of Council of Australian Governments (COAG) Leaders' meeting. Following the release of the Final Report, Dr Finkel addressed the National Press Club on 21 June 2017 with a speech titled 'National Electricity Market Reform - a blueprint for the future'.
- Media release: Blueprint for a world-class Electricity System
- Speech: National Electricity Market Reform - A blueprint for the future
- Independent Review into the Future Security of the National Electricity Market
On 14 July 2017, Energy Council responded to the Review and agreed on a timeline to implement 49 of the 50 recommendations, while noting the significance of the Clean Energy Target recommendation. Actions taken by the Energy Council will deliver the key outcomes of increased security, future reliability, rewarding consumers and lower emissions through an orderly transition, system planning and stronger governance.
Ministers agreed to establish an Energy Security Board (ESB), a new body comprising an independent Chair, Deputy Chair and the heads of the Australian Energy Market Commission, Australian Energy Market Operator and the Australian Energy Regulator.
On 31 August 2017 COAG Energy Council provided advice to COAG Leaders on the implementation plan for the Finkel Review and this advice has now been agreed by COAG Leaders. This report also constituted the first annual public report to COAG Leaders on COAG Energy Council's priorities and progress, as recommended in the Finekl Review.