The Reliability Panel will apply an emissions reduction objective in its day-to-day duties including development of standards, guidelines, reports and recommendations for the energy market, with the release of a guide for decision-making today.
Publication of the guide follows the passing and gazettal of the Emissions Reduction Objectives Bill 2023 in South Australian parliament on 14 June to cement the emissions reduction component in the National Electricity Objective.
This component will now be considered in the Reliability Panel’s work, alongside existing National Electricity Objective criteria that already guide the Panel’s work, such as price, quality, safety, reliability and security.
Delivered in support of the change, the formal guidance outlines how the Panel will apply the new objective in its decision-making process and when making recommendations in reviews.
Where the Panel has decided to, or, is otherwise required to consider the National Electricity Objective in making a recommendation or determination, it will consider impacts on emissions reduction targets with reference to government and Australian Energy Market Commission (AEMC) guidance.
This includes the AEMC’s guide on how it will apply an emissions reduction objective, which was published on 22 September.
The Reliability Panel will retain the flexibility to apply emissions guidance to specific emissions guidance to specific reviews and determinations as it considers appropriate.
Stakeholders were consulted and provided feedback in the development of the Reliability Panel guide.
The Panel thanks stakeholders for their meaningful contributions, which have helped to shape the document and make the final guidance possible.
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About the Reliability Panel
The Reliability Panel forms part of the AEMC’s institutional setup and has functions and powers assigned to it within the National Electricity Law (NEL).
It is the responsibility of the Reliability Panel to monitor, review and report on the safety, security and reliability of the national electricity system plus perform any other functions or powers under the NEL or National Electricity Rules (NER).
The Panel is comprised of members who represent a range of participants in the National Electricity Market, including small and large consumers, generators, network businesses, retailers and the Australian Energy Market Operator (AEMO).
The Panel determines the standards and some of the guidelines used by AEMO and other market participants which help to maintain a secure and reliable power system for consumers.
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