Australian electricity and gas markets – February 2024 Update
05 March 2024
On 1 February 2024, the Australian Energy Market Commission (AEMC) finalised its Harmonising the national energy rules with the updated national energy objectives (electricity) rule change, publishing a final determination and final electricity rule. The final rule:
The final rules commenced 1 February 2024.
On 15 February 2024, the AEMC released new modelling around the integration of price-responsive resources into the National Electricity Market (NEM). The modelling projects an estimated $1.5 – 1.9 billion cost saving between 2025 and 2050 attributable to this integration.
The AEMC released this modelling in support of its proposed Integrating price-responsive resources into the NEM rule change.
Publication of the draft rule was extended to 25 July 2024 as the rule change will cover a number of interrelated and complex issues.
On 22 February 2024, the AEMC released:
Written submissions must be lodged with the AEMC by 4 April 2024 to respond to this draft rule.
On 29 February 2024, the AEMC:
On 1 February 2024, the AEMC finalised its Harmonising the national energy rules with the updated national energy objectives (retail) rule change, publishing a final determination and final retail rule. The final rule enables the AER to update guidelines and instruments efficiently, streamlining consultation and reducing administrative burden on stakeholders.
The final rules commenced 1 February 2024.
On 1 February 2024, the AEMC finalised its Harmonising the national energy rules with the updated national energy objectives (gas) rule change, publishing a final determination and final gas rule. The final rule:
The final rules commenced 1 February 2024.
Written submissions must be lodged with the AER by 12 March 2024 to respond to the proposed update.
On 7 February 2024, the Energy Security Board (ESB) published its final report on Consumer Energy Resources (CER) and the transformation of the National Electricity Market (NEM). The report summarises the key insights and lessons learnt across the CER reform journey to date and outlines a forward pathway for CER integration through a series of priority areas. For more information see here.
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Authors: Andrew Dauwalder, Counsel; Samirah Delor, Graduate; Murray Rissik, Paralegal
The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to.
Readers should take legal advice before applying it to specific issues or transactions.