Australia

Australia holds abundant energy resources and is a leading exporter of coal, uranium and LNG. However the country’s energy sector is undergoing a deep transformation with significantly increasing shares of wind and solar power.

Australia

Key energy statistics

Key recommendations, 2018

  • Design an energy and climate policy framework for 2030

    Based on the outcomes of the 2017 climate policies and Finkel reviews, develop a low emission strategy to reach the INDC of 26-28% CO2 emissions reduction in the electricity sector by 2030 and a mid-century low emission strategy.

  • Strengthen governance and collaboration within electricity markets

    To implement the outcomes of the Finkel review, adopt new legislation and national electricity market (NEM) rules, enhance collaboration and clarify roles within states and territories through the Council of Australian Governments (COAG) Energy Council and with market bodies of the NEM.

  • Steer the energy transition and emissions reductions

    Lead the energy transition through an emissions reduction goal for the power sector and provide a market signal to retire older and less efficient generation, while ensuring that plants provide sufficient advance notice of their intention to close.

  • Support national electricity market development

    Continue to foster well-functioning wholesale and retail electricity markets through the COAG Energy Council and ensure efficient and innovative outcomes, deliver security of supply and integrate more effectively growing shares of variable renewable energy.

  • Support the expansion of the domestic gas market

    Develop competitive, liquid and adequate domestic gas supplies and transportation capacity by swiftly completing the gas market reforms. Support the sustainable development of domestic gas reserves by addressing community concerns.

  • Prevent and mitigate energy security risks

    Regularly update the National Energy Security Assessment in order to identify energy security risks across the energy system, and design measures to reduce or eliminate these risks in a timely and comprehensive manner.

  • Promote data collection

    Foster data reporting and monitoring across all energy sectors and continue to develop data-sharing arrangements across government and agencies to improve energy data quality for analysis, policy development and the deployment of emergency measures.

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