Australia's National Electricity Market after Twenty Years
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Nelson, Tim
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Abstract
The Hilmer reforms served electricity consumers well over the first post-reform decade. However, three key issues emerged from the mid-2000s: (i) a significant and largely unnecessary rise in network expenditures; (ii) emissions policy discontinuity; and (iii) a large increase in wholesale prices due to rising fuel prices and the sudden exit of generators. The consequence was a doubling in retail prices. Deficiencies in cost-recovery mechanisms have meant price increases have disproportionately affected low-income households. We propose three key reforms as rectification: (i) integrating emissions reduction and energy policies; (ii) boosting network capacity utilisation; and (iii) improving cost recovery mechanisms.
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Australian Economic Review
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© 2019 The University of Melbourne, Melbourne Institute of Applied Economic and Social Research. This is the peer reviewed version of the following article: Australia's National Electricity Market after Twenty Years, Australian Economic Review, 2019, which has been published in final form at https://doi.org/10.1111/1467-8462.12359. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving (http://olabout.wiley.com/WileyCDA/Section/id-828039.html)
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Economics
Applied economics
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Business & Economics
PRICES
POWER
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Rai, A; Nelson, T, Australia's National Electricity Market after Twenty Years, Australian Economic Review, 2019