What is energy security?
The energy sector is fundamental to Australia’s functioning and prosperity. It underpins every form of economic activity from powering our industries to turning on the lights in our homes. The secure supply of energy is essential to economic growth, jobs, and the prosperity and wellbeing of all Australians. In an Australian context, energy security is defined as the adequate, reliable and competitive supply of energy where:
- adequacy is the provision of sufficient energy to support economic and social activity
- reliability is the provision of energy with minimal disruptions to supply; and
- competitiveness is the provision of energy at an affordable price which does not adversely impact on the competitiveness of the economy and which supports continued investment in the energy sector.
What can impede energy security?
Factors affecting the supply of energy include issues such as short-term disruptions to supplies as a result of human and natural hazards or longer-term impacts resulting from inadequate energy sector investment. There is also a growing recognition of the importance of building resilience against hazards and balancing reliable energy supplies and environmental impacts.
How is RET involved?
In the context of these challenges and the importance of domestic and regional energy security to Australia's well-being, the Department is engaged in a number of initiatives to help ensure energy security.
The Government has released the National Energy Security Assessment (NESA) which considers the key influences on the supply of energy in Australia in the short, medium and long terms covering the period 2011—2035.
The NESA provided a key input into the development of future energy policy including the Energy White Paper.
The Department is also engaged in emergency response and critical infrastructure protection initiatives.
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