Amending the Australian Energy Regulator Wholesale Market Monitoring and Reporting Framework – Consultation Paper

Consultation opened: 9am Monday 1 August 2022

Consultation closed: COB Thursday 25 August 2022

Following recent events in the energy market, Energy Ministers agreed at the meeting of 8 June 2022 to:

‘consider additional legislative reform options to enable new gas and electricity contract market monitoring powers as an immediate priority, for introduction into the South Australian Parliament to ensure the AER has the full information and visibility it needs.’

This paper sets out the rationale for, and seeks feedback on, possible reforms to the existing wholesale market monitoring and reporting (WMM) functions of the Australian Energy Regulator (AER) as currently set out in the National Electricity Law (NEL).

In short, this paper seeks stakeholder feedback on:

• amending limitations on the exercise of the AER’s functions imposed by s 18D of the NEL
• expanding the scope of the NEL WMM functions to contract markets
• adapting this updated NEL model to gas markets through the National Gas Law (NGL).

It is anticipated these reforms will:

• assist market bodies in understanding and managing the operation of the gas and electricity markets
• facilitate market participants in supporting an open, competitive energy market
• help energy consumers by providing additional price transparency.

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