The World Energy Council welcomes the Australian Energy Market Commission (AEMC) as a new Direct Member starting July 2019. As a Direct Member, the AEMC will benefit from access to the full extent of the World Energy Council’s global network, events and experiences.
The World Energy Council’s mission is to promote an affordable, stable and environmentally sensitive energy system for the benefit of all. As a value proposition to companies and institutions in countries where the World Energy Council does not currently have an active Member Committee, the Council offers the category of Direct Membership. This allows organisations in countries with no active Council Member Committee to access the World Energy Council’s network, activities, strategic insights and events. AEMC will act as an ambassador for the Council in Australia, helping grow its local network and work towards the creation of an Australian Member Committee.
Established in 2005, the Australian Energy Market Commission is responsible for developing Australia’s energy markets under national electricity and gas laws – bringing consistent decision making and regulation to the energy sector. The Commission is also the expert energy adviser to Australian governments. All the Commission’s work is guided by three legislated National Energy Objectives; the national energy objective, the national gas objective and national energy retail objective. Each objective requires that the Commission have an explicit focus on the long-term interests of energy consumers in all rule making decisions and advice. The AEMC is one of three market bodies responsible for energy in Australia, each of which reports to the Council of Australian Governments (COAG) through the COAG Energy Council.
Australia is at the forefront of the transition to renewable energy and is one of several countries leading the way by introducing market reforms and regulations that allow for flexibility in the use of battery energy storage systems and variable renewable energy such as wind and solar PV power plants. The International Energy Agency has recognised Australia as one of a small number of countries that have reached “Phase 4” of variable renewable energy integration, where the system experiences periods of time in which variable renewable energy makes up almost all generation. A notable example is the Hornsdale Power Reserve in South Australia which is one of the world’s largest lithium-ion batteries and participates in regulation, contingency reserve and energy markets in the Australian national energy market. The Commission is constantly considering reforms to the rules that govern Australia’s energy market that facilitate competition in energy markets for new products and services. As such, it is important for Australia to be an active participant in global knowledge sharing forums such as the World Energy Council to make sure that the transition that is underway can be managed at the least cost to consumers.
Editor:Cherie
