AUSTRALIA: Australian Energy Market Agreement
In June 2001, the Council of Australian Governments (COAG) recognised that effective operation of an open and competitive national energy market will contribute to improved economic and environmental performance and deliver benefits to households, small business and industry, including in regional areas. It established the Ministerial Council on Energy (MCE) to provide national oversight and coordination of energy policy development and to provide national leadership. On 30 June 2004, the Parties entered into the Australian Energy Market Agreement 2004 to give effect to the recommendations in the MCE report on the Reform of Energy Markets. In particular, the Parties have each endorsed the MCE Report on Reform of Energy Markets of 11 December 2003 and have agreed to the recommendations in the MCE Report to provide the basis for the development of a truly national and efficient energy market as amended by this agreement. For the avoidance of doubt, this agreement is not intended to give rise to legal obligations among the Parties. The objectives of this agreement are to promote the long term interests of consumers with regard to the price, quality and reliability of electricity and gas services; and to establish a framework for further reform.