Energy ministers from across the country have agreed to landmark reform to manage expected major shortfalls and to fast track the transition of the electricity grid away from coal.
The ministers met on Friday in Canberra where they received briefing from energy market operators and the consumer watchdog on expected gas and electricity shortfalls in 2023 and 2024.
Stream more on politics with Flash. 25+ news channels in 1 place. New to Flash? Try 1 month free. Offer ends 31 October, 2022 “This might not sound much, this is the first change to the national energy objectives in 15 years this is important,” he said in Canberra on Friday. The Australian Competition and Consumer Commissions said LNG exporters needed to redirect excess supplies to the domestic market or Australia would risk its energy security heading into next year.
NSW Energy Minister Matt Kean said it was a “non-negotiable” for his state when it came to protecting households and businesses. “And that's got to change and that's really the task of all of us and we're all up for it. And we've all agreed about how we can go about doing that,” she said.