A report into the institutional structures, governance, regulation, functions and operation of the Australian energy market provides 22 recommendations. 

Planning and policy frameworks in the energy market have not kept pace with the extensive changes in technology, demand patterns, consumers’ expectations and decarbonisation targets since energy market legislation was introduced in the 1990s. 

The report consists of 5 chapters:

• Chapter 1 outlines the establishment of the committee and conduct of the inquiry. It provides background information on Australia’s energy market, energy laws, market bodies, the path to decarbonising Australia’s energy systems and energy market reviews to date. 
• Chapter 2 discusses Australia’s energy governance arrangements and laws. It discusses energy regulation, amendments and state derogations and examines the effectiveness of the three market bodies: Australian Energy Market Operator (AEMO), Australian Energy Regulator (AER) and Australian Energy Market Commission (AEMC). 
• Chapter 3 focusses on the Integrated System Plan planning, methodology, modelling and performance, as well as alternative modelling considerations. 
• Chapter 4 explores the uptake of consumer energy resources, costs to consumers and the community, and suggestions for improvement. 
• Chapter 5 is the concluding chapter with the committee’s final observations and recommendations. 

The report explores the structural challenges within the National Electricity Market (NEM) and highlights the need for significant reforms to facilitate the energy transition. It notes that effective governance is critical for the future of a secure, cost-effective and efficient energy market.