The new Energy Security Board (ESB), recommended by Finkel Review and established by the COAG Energy Council, has been acknowledged by the Australian Energy Networks in support of providing better outcomes for customers.
According to Energy Networks Australia (ENA) CEO John Bradley, the Board would be well led by the independent Chair Dr Kerry Schott AO and supported by Ms Clare Savage as Deputy Chair. It also includes the heads of the existing energy market governing bodies – the Australian Energy Market Operator, Australian Energy Regulator and the Australian Energy Market Commission.
“A transforming energy system needs strong, well-resourced and proactive energy market institutions, with a shared plan of action and accountability for clear milestones,” Mr Bradley added. “It should provide a single point of accountability without duplicating the key responsibilities of market bodies which are also represented on the Board.”
After three years, consideration should be given to giving the Energy Security Board statutory functions as recommended by the Finkel Review.