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FIRST HEALTH OF THE NEM REPORT RELEASED

20/12/17

The Turnbull Government welcomes the first Health of the National Electricity Market (NEM) Report from the Energy Security Board (ESB).

This annual report was a recommendation of Australia’s Chief Scientist’s in his Independent Review into the Future Security of the NEM (Finkel Review).

The report finds the NEM faces numerous challenges as it goes through its greatest change since its development in the 1990s, including a tight supply demand balance, a marked changed in the generation mix towards intermittent sources and rapid technological change.

The ESB finds while there is much work to be done, the situation is improving as a result of measures put in place by Turnbull Government, the COAG Energy Council and the energy market bodies.

Earlier this year, the Coalition agreed, with the states and territories, to 49 of the 50 Finkel Review recommendations to improve the reliability of the NEM following the South Australian blackout.

Work is also progressing on the National Energy Guarantee, which the report notes is one of the most important measures underway to improve the affordability and reliability of the market.

The Government has already taken action to ensure sufficient gas supply is available to the Australian market, with the ACCC recently confirming that Australia is no longer facing a shortfall of gas supply in 2018 on expected demand.

We have also secured commitments from energy retailers to deliver a better deal for consumers, including notifying customers when their energy discounts are about to finish or change.

The Government will work with the ESB, energy industry, consumer groups and states and territories to continue to improve the health of the NEM in 2018.