Finkel Review allows Australia to hit reset button for energy security

The Independent Review into the Future Security of the National Electricity Market (Finkel Review) has come at a crucial time in providing both market and investment certainty.

To date, the politics of power has damaged both our competitiveness and standing as an energy nation. The market needs clarity and consistency of policy that provides the necessary framework for an orderly transition from an old and tiring generation fleet to a more modern and innovative set of technologies.

The Finkel Review provides a great opportunity to step back and focus on what is and isn’t working in Australia’s energy market. As a nation, we need to take more of a big picture, long-term view of the market and create a better playing field for investment and an orderly transition. There’s a need for clear-headed, holistic planning across the entire energy supply chain, one that takes account of all the interdependencies and doesn’t treat markets like gas and electricity as separate entities.

We need to acknowledge the energy market is in transition and that renewables, gas and base load coal will be part of our ongoing fuel mix as we move to a low emissions environment. They are all part of the same ecosystem.

This transition pathway will provide both an opportunity to embrace wholesale price certainty and enable an innovative Australia to build a new set of capabilities.

We are hopeful that, with bipartisan political support, the Finkel Review will be able achieve this.

The Review provides that long-term vision allowing us to hit the reset button in securing Australia’s future energy market. What is important now is to allow the energy industry the time to digest the report and its finer points and to fully understand the implications, opportunities and challenges it presents.

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