Policy success in this area over the next decade will maintain or improve our liquid fuel, gas and electricity security. It will include:
well-functioning energy markets with resilient and diverse international and national energy supply chains
the effective mitigation of transitional or other market risks and the management of supply challenges, so that market intervention is used as a last resort to minimise serious disruptions of energy services to consumers
timely and effective responses to unforeseen disruptions or critical events
the maintenance of an investment pipeline into Australia’s energy systems that is able to meet our projected energy needs
an improved understanding of critical interdependencies in domestic and international energy markets.
Energy security policy actions
In addition to actions already underway through its energy security and energy policy frameworks, the Australian Government will pursue improved energy security by:
undertaking a rigorous assessment of the costs and benefits associated with options to address Australia’s 90-day oil stockholding compliance
regularly monitoring and assessing Australia’s energy security situation, including by undertaking the National Energy Security Assessment (NESA) on a two-yearly basis, starting from 2014
This will include reviewing the NESA framework to provide a more quantitative assessment of energy security risks.
It will also include the development of a risk preparedness audit of Australia’s energy sector in collaboration with states and territories, industry and market bodies to identify risks, map existing response mechanisms and identify whether there are any critical gaps.