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Australia’s energy sector is in critical need of reform

The Grattan Institute’s Tony Wood writes in The Conversation (14.7.16) about the need for structural and policy reform in Australia’s energy sector, and what the Turnbull Government should do to bring it about.

‘Over the next few decades Australia, like many countries, faces the prospect of an energy transformation that will challenge every aspect of stationary and transport energy: from production, transmission and distribution to consumption and exports.

‘The ultimate imperative is to move our economy to a low-carbon footing, while ensuring that consumers don’t pay unnecessarily high costs. The COAG Energy Council, the decision-making body of federal and state energy and resources ministers, formally recognised the critical connection between energy and climate policy last July. Later that year the world’s governments brokered the Paris climate agreement, with Australia promising to cut emissions to 26-28% below 2005 levels by 2030.

‘Yet this need for wholesale transformation has emerged at a time when Australia’s policy structures are already struggling to maintain the delivery of affordable and reliable electricity, after the reforms of the 1990s lost momentum in the 2000s.’

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