On 12 August 2022, Energy Ministers agreed to fast track the introduction of an emissions reduction objective into the national energy objectives, as a first action under the National Energy Transformation Partnership.

This will integrate emissions reduction and energy policy in the national energy laws, and provide greater clarity to Australia’s three energy market bodies — the Australian Energy Market Commission (AEMC), the Australian Energy Market Operator (AEMO) and the Australian Energy Regulator (AER) — to consider emissions reduction in how they undertake their respective powers and functions.

The amendment will also send a clear signal to wider industry, market participants, investors and the public, of the governments’ commitment to achieve a decarbonised, modern and reliable grid.

The national energy objectives are contained in the National Electricity Law, the National Energy Retail Law and the National Gas Law — the laws that govern the national electricity, gas and related retail markets.

Process and timeframes

Officials are seeking views on the Draft Bill and the issues outlined in the consultation paper, and encourage stakeholders to make a submission through the submission template linked below by COB 7 February 2023 to the email inbox: [email protected].

Should you have any questions on issues outlined in the Draft Bill or consultation paper, or would like to discuss with officials, please email [email protected].

For further information, please click here.