The Shepherd Review: Power off power on - rebooting the national energy market

1 Dec 2017

This Options Paper by The Shepherd Review was commissioned by the Menzies Research Centre.

Its brief is to identify the obstacles in the path of national progress and to recommend policy solutions that will drive prosperity.

The first stage of the Shepherd Review concluded with the publication of Statement of National Challenges in March 2017 which set out the reform priorities.

Australia has benefited from an extended period of strong economic growth and wealth generation. This has contributed to the country’s high levels of prosperity, relative equality and standard of living.

If Australia is to retain control of its destiny, it must capitalise on new wealth generating opportunities and avoid complacency.

Failure to do so will reduce Australia’s performance over the medium to long term and restrict opportunities for its citizens.

Chapter 1 outlines the effects businesses and individuals face with rising energy prices and the outcomes we need to achieve. It sets out the principles that underpin a return to a lowcost energy path and provides an overview of the remainder of the report.

Chapter 2 considers the history of energy policy before and after the formation of the National Electricity Market, identifies the origins of current challenges and summarises the lessons that should be applied to future policy decisions.

Chapter 3 considers policy options as they apply to subsidy programs, energy supply, competition policy, wholesale market regulation, the reduction of carbon dioxide emissions and the proposed National Energy Guarantee.

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