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Aug 31 2023

Statement on latest market assessment

The Australian Energy Market Operator’s latest assessment of market demand and supply will act as a signal to the private sector to invest in new generation, the peak body for generators said.

The Australian Energy Council’s Chief Executive, Sarah McNamara, said “This statement of opportunities is intended to highlight potential shortfalls which acts as a spur to new investment and for that reason is a useful document. As noted by WA’s Energy Minister Bill Johnston recently what these statements say is that if there is no new investment, then there could be a shortfall. But that’s in the future.

“It also reinforces the need for careful coordination and prioritisation of the necessary generation, firming capacity and transmission.”

The Council agrees that there are challenges and opportunities for the electricity industry as the transition progresses. “There is still time to meet these challenges and realise these opportunities if the market is permitted to provide the price signals necessary to bring forward investment,” Ms McNamara said.

“Even if new investment were not forthcoming, it’s worth noting that most of the near-term reliability shortfalls relate only to the “interim” reliability standard, which is a very conservative measure, and not the traditional reliability standard.”

About the Australian Energy Council

The Australian Energy Council is the peak industry body for electricity and downstream natural gas businesses operating in the competitive wholesale and retail energy markets. AEC members generate and sell energy to 10 million homes and businesses and are major investors in renewable energy generation. The AEC supports reaching net-zero by 2050 as well as a 55 per cent emissions reduction target by 2035 and is committed to delivering the energy transition for the benefit of consumers.

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