COAG Energy Council tasked the Energy Security Board (ESB) with developing advice on a long-term, fit-for-purpose market framework to support reliability that could apply from the mid-2020s.
The ESB needed to recommend any changes to the existing market design or recommend an alternative market design to enable the provision of the full range of services to customers necessary to deliver a secure, reliable and lower emissions electricity system at least-cost. Any changes to the existing design or recommendation to adopt a new market design would need to satisfy the National Electricity Objective. The forward work plan was approved by the COAG Energy Council at its December 2018 meeting.
Any significant changes to the electricity market design would need to be well considered, including substantial input from stakeholders and detailed consideration of alternative market designs.
Further information regarding the scope of the project can be found in the document below.