News has broke this morning that current Federal Minister for Energy, Chris Bowen, has tasked an independent panel with 12 months to review the existing NER and related frameworks, before making final recommendations in late 2025. According to the government’s press release:
“The panel will look at National Energy Market (NEM) wholesale market settings to ensure the market promotes investment in firmed renewable energy generation and storage capacity into the 2030s and beyond. This is vital as electricity demand grows and ageing coal fired power stations exit the system.”
The release goes on to state that the review will specifically be looking at reform initiatives that are likely to be implemented “once the current CIS tenders end in 2027, to ensure that investment pipeline remains strong” which may imply that the focus on the review may be on investment rather than operations.
The four-person panel will be lead by economist Tim Nelson, who will depart his role with Iberdrola to head the review full-time. The other panel members are Paula Conboy, Ava Hancock and Phil Hirschhorn.
Angela Macdonald-Smtih of the AFR, is reporting that this review will be in place of the one that was previously expected to be led to the Productivity Commission.
The government website for the review can be found here, with the Terms of Reference stating that “the panel is expected to deliver its final recommendations to Government and the ECMC in late 2025” – which would be after the next Australian Federal election, due to be held by May 2025.
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