The review’s recommendations align with the Federal Government’s reforms already underway, such as the responses to the Finkel Review into the NEM, gas market reforms and the National Energy Guarantee (NEG).
In particular, the NEG goes towards the Review’s overarching recommendation – for a stable, enduring policy response so that Australia can manage the energy transition already taking place.
As the IEA Review highlights, the creation of the Guarantee is a welcome development in this regard, describing it as a “promising opportunity”? to integrate energy and climate policies.
IEA Executive Director Fatih Birol has further said that “the government’s efforts to ensure energy security and move ahead with market reforms have been impressive”?.
The review also identified the threat to affordable and reliable energy due to the bans put in place by the Victorian and Northern Territory Labor governments on the development of gas.
The IEA found “there are significant concerns about the price and the availability of natural gas amid moratoriums on gas production in the eastern market”?.
The Review of Australia’s Energy Policies was undertaken in March 2017 and is undertaken approximately every four years.
The expert panel met with over 100 companies, industry associations and government representatives in Canberra, Sydney and Melbourne.