The Independent Review into the Future Security of the National Electricity Market recommended that the COAG Energy Council develop and maintain a Strategic Energy Plan (SEP) for the National Electricity Market. The purpose of the SEP was to ensure a clear strategic focus for the Council’s work and to provide clarity of direction to market bodies and market participants.
It was agreed that the Council would develop the SEP in consultation with the Energy Security Board to improve clarity and direction for market bodies and participants in the transitioning energy system.
The SEP was comprised of 5 elements:
- Key priorities, articulated as desired outcomes for both markets and consumers
- A set of discrete and measurable objectives for each outcome that collectively contribute to achievement of that outcome
- An agreed action plan to deliver progress towards the Plan’s outcomes.
- Progress will be monitored through a set of metrics relevant to each objective and which will inform consideration for corrective action if necessary.
- A governance framework that establishes accountability for progress and describes roles and responsibilities for maintaining the Plan.