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Australia’s National Electricity Market: An Analysis of the Reform Experience 1998–2021

In: Revisiting Electricity Market Reforms

Author

Listed:
  • Paul Simshauser

    (Griffith University
    University of Cambridge)

Abstract

Australia’s National Electricity Market (NEM) commenced in 1998. The centrepiece of NEM reforms was the restructuring of vertical monopoly electricity utilities and the creation of an energy-only, gross pool wholesale market and associated forward market. For most of the past 20+ years, NEM has displayed consistent economic and technical performance. But missing policies relating to climate change, natural gas and plant exit produced results that tested political tolerance in 2016–2019. However, as with prior episodes of high prices, market participants responded—most recently—with a renewable investment supercycle. Prices have since reverted, but power system security remains challenging as the plant mix changes.

Suggested Citation

  • Paul Simshauser, 2022. "Australia’s National Electricity Market: An Analysis of the Reform Experience 1998–2021," Springer Books, in: Han Phoumin & Rabindra Nepal & Fukunari Kimura & Gazi Salah Uddin & Farhad Taghizadeh-Hesary (ed.), Revisiting Electricity Market Reforms, pages 75-115, Springer.
    • Handle: RePEc:spr:sprchp:978-981-19-4266-2_4
    DOI: 10.1007/978-981-19-4266-2_4
    as

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