Strategic Energy Plan
Publication date: Monday, 20th January 2020.
The Independent Review into the Future Security of the National Electricity Market recommended that the COAG Energy Council (Council) develop and maintain a Strategic Energy Plan (SEP) for the National Electricity Market. The purpose of the SEP is to ensure a clear strategic focus for the Council’s work and to provide clarity of direction to market bodies and market participants.
It was agreed that the Council would develop the SEP in consultation with the Energy Security Board to improve clarity and direction for market bodies and participants in the transitioning energy system. The Council will review the SEP every 12 months.
The SEP establishes Council’s vision for the future of the electricity and gas markets operating under the national energy laws for the next five years. It communicates the Council’s desired outcomes and provides a framework of accountability for coordinated action and monitoring against the stated outcomes and objectives.
Broadly, the SEP is comprised of five elements:
- Key priorities, articulated as desired outcomes for both markets and consumers;
- A set of discrete and measurable objectives for each outcome that collectively contribute to achievement of that outcome;
- An agreed action plan to deliver progress towards the Plan’s outcomes.
- Progress will be monitored through a set of metrics relevant to each objective and which will inform consideration for corrective action if necessary.
- A governance framework that establishes accountability for progress and describes roles and responsibilities for maintaining the Plan.