Australia’s federal and state energy ministers have agreed to amend the current energy laws to pave the way for short-term interventions in the energy market in an effort to bring prices down.
Specifically, the ministers agreed to make major amendments to the National Gas Law to grant new functions and powers to the Australian Energy Market Operator (AEMO).
This would allow the agency to manage reliability and gas supply adequacy for the east coast gas market over winter 2023 and beyond.
The energy ministers will discuss further details of this new framework in the next meeting in December after they consult with the industry.
Another Amendment to Gas and Energy Retail Laws
In addition, the ministers agreed to extend both the National Gas Law and National Energy Retail Law to hydrogen and other renewable gases to provide better support for developing a competitive and efficient hydrogen and renewable gas industry in Australia.Speaking to reporters after the meeting, Federal Energy Minister Chris Bowen said all levels of government were committed to reducing energy costs.
“We will not act without strong evidence that whatever we do will actually work to give relief to Australian families.”
![A kitchen gas stove burner at a residential property in Melbourne, Australia, on June 16, 2022. (AAP Image/Joel Carrett)](/_next/image?url=https%3A%2F%2Fimg.theepochtimes.com%2Fassets%2Fuploads%2F2022%2F07%2F27%2F20220616001670094329-original-min-600x400.jpg&w=1200&q=75)
In addition, the minister said the long-term solution was to boost the supply of renewable energy together with transmission and storage, without mentioning nuclear power options.
Opposition Says Government Should Consider Nuclear Power
Meanwhile, in his budget reply speech on Oct. 27, Opposition Leader Peter Dutton said Australia should have an “intelligent conversation” on how new nuclear power technology could contribute to the energy mix.“If you turn off coal, if you turn off gas, what firms up the renewable energy coming into the system at the moment?”
In a later interview with Sky News, Bowen refuted Dutton’s argument on nuclear energy, saying that it was the most expensive form of energy as Australia had to build the facilities from scratch.
“Peter Dutton has decided to bank all his energy policy on that; he says he wants a ‘chat’ with the Australian people about it—okay, let’s have the chat, Peter. Explain where the small modular reactors will go, explain why you want the most expensive form of energy.”