he COAG Energy Council has agreed to release for consultation the National Electricity Law (NEL) amendments that would implement the Guarantee.
This is the result of a commitment made by the states and territories that the NEL amendments would be released following an Energy Council teleconference after the Commonwealth legislation had been endorsed by the Coalition Party Room, which occurred this morning.
On behalf of the COAG Energy Council, the Energy Security Board will consult on the amendments for a period of four weeks.
Following this period of consultation, there will be a further two weeks to refine the legislation before a decision can be taken on the implementation of the Guarantee.
Designed by the experts and backed by industry, business and consumer groups, the National Energy Guarantee is supported by independent modelling which shows the average household will be $550 a year better off under the Guarantee and existing policies underway.
The National Energy Guarantee is in the national interest because it will deliver the investment certainty the sector needs, while lowering power bills, enhancing Australia’s economic competitiveness and strengthening the reliability of our energy system.
The Federal Government has held up its end of the bargain, having the Commonwealth legislation approved by the Coalition Party Room, it is now up to the Labor states to hold up their end and support the National Energy Guarantee to lower power prices.