Wholesale market monitoring is an essential function for a well-regulated electricity market – particularly at this point in time given the recent market suspension, rising consumer costs, and several market design changes underway. Accordingly, Energy Consumers Australia agrees with the Department on all issues raised in the Consultation.

• Ministers should remove impediments to the Australian Energy Regulator’s (AER) electricity wholesale market monitoring functions through the removal of the inherent ‘public information’ limitations in the National Electricity Law (NEL).
• Ministers should expand the scope of the AER’s wholesale market monitoring functions to include contract markets.
• Ministers should adapt the AER’s expanded authority to the gas markets through amendments to the National Gas Law.

We also offer two pieces of constructive feedback. First, Ministers should recognise the clear link between improved market monitoring and other existing policy decisions before the Parliament and Market Bodies. Second, Ministers should consider substantially increasing the reporting requirements and funding of the AER so that its market monitoring approach comes closer to matching international best practices.

Read the full submission by clicking on the image below