Ensuring the security of energy supplies is key to supporting economic and social activity in Australia. Energy security is about our ability to meet the energy needs of the Australian community and industry – both in the short and in the long term. In an Australian context, energy security is defined as the adequate, reliable and affordable 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
- affordability is the provision of energy at a price which does not adversely impact on the competitiveness of the economy and which supports continued investment in the energy sector.
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.
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 Department is preparing the National Energy Security Assessment (NESA) which will identify the current strategic energy security issues in the liquid fuels, natural gas and electricity sectors, and those posing a potential risk in 5 years (2013), 10 years (2018) and 15 years (2023).
It is expected that the NESA will provide a key input into the development of energy policy including the future Energy White Paper to be prepared by the government.
The Department is also engaged in emergency response and critical infrastructure protection initiatives.