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ENERGY POLICIES OF IEA COUNTRIES

ENERGYPOLICIES OF IEACOUNTRIESA ustralia2018 ReviewTogetherSecureSustainableENERGYPOL ICIES OF IEACOUNTRIESA ustralia2018 ReviewINTERNATIONAL ENERGY AGENCYThe IEA examines the full spectrum of ENERGY issues including oil, gas and coal supply and demand, renewable ENERGY technologies, electricity markets, ENERGY efficiency, access to ENERGY , demand side management and much more. Through its work, the IEA advocates POLICIES that will enhance the reliability, affordability and sustainability of ENERGY in its 29 member COUNTRIES , 7 association COUNTRIES and four main areas of IEA focus are: n ENERGY Security: Promoting diversity, efficiency, flexibility and reliability for all fuelsand ENERGY sources;n Economic Development: Supporting free markets to foster economic growth andeliminate ENERGY poverty;n Environmental Awareness: Analysing policy options to offset the impactof ENERGY production and use on the environment, especially fortackling climate change and air

ENERGY POLICIES OF IEA COUNTRIES Australia 2018 Review Together Secure Sustainable

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1 ENERGYPOLICIES OF IEACOUNTRIESA ustralia2018 ReviewTogetherSecureSustainableENERGYPOL ICIES OF IEACOUNTRIESA ustralia2018 ReviewINTERNATIONAL ENERGY AGENCYThe IEA examines the full spectrum of ENERGY issues including oil, gas and coal supply and demand, renewable ENERGY technologies, electricity markets, ENERGY efficiency, access to ENERGY , demand side management and much more. Through its work, the IEA advocates POLICIES that will enhance the reliability, affordability and sustainability of ENERGY in its 29 member COUNTRIES , 7 association COUNTRIES and four main areas of IEA focus are: n ENERGY Security: Promoting diversity, efficiency, flexibility and reliability for all fuelsand ENERGY sources;n Economic Development: Supporting free markets to foster economic growth andeliminate ENERGY poverty;n Environmental Awareness: Analysing policy options to offset the impactof ENERGY production and use on the environment, especially fortackling climate change and air pollution.

2 Andn Engagement Worldwide: Working closely with associationand partner COUNTRIES , especially major emerging economies, to find solutions to shared ENERGY and environmental member COUNTRIES : Australia Austria Belgium CanadaCzech RepublicDenmarkEstoniaFinlandFranceGerma nyGreeceHungaryIreland ItalyJapanKoreaLuxembourgNetherlandsNew Zealand NorwayPolandPortugalSlovak RepublicSpainSwedenSwitzerlandTurkeyUnit ed KingdomUnited StatesThe European Commission also participates in the work of the note that this publication is subject to specific restrictions that limit its use and distribution. The terms and conditions are available online at OECD/IEA, 2018 International ENERGY Agency Website: 3 FOREWORD Foreword The International ENERGY Agency (IEA) has been conducting in-depth ENERGY policy reviews of its member COUNTRIES since 1976.

3 As a core activity, the process of review by peers not only supports member COUNTRIES ENERGY policy development and mutual learning, but it also encourages exchange of international best practice and experience. In short, by seeing what has worked or not in the real world , these reviews help to identify POLICIES that achieve objectives and bring results. In 2016, the IEA decided to modernise the reviews by shifting their focus to key ENERGY security challenges in fast-changing global ENERGY markets and to the transition to a clean ENERGY system. This report on Australia offers insights into two special focus areas, which were chosen by the Australian government: the transition to a low-carbon ENERGY economy and related challenges, and the role of natural gas in this context.

4 Natural gas can play a crucial role as a transition fuel to a lower-carbon economy. Australia s gas market reform and the review of the country s emissions reduction POLICIES were actively discussed with reform proposals under way in 2017. The report examines these ongoing reforms and explores new initiatives that Australia could put in place to encourage domestic production, investment and competition. The special focus chapter on the ENERGY system transformation evaluates opportunities and challenges with regard to increasing the share of variable renewable ENERGY in the power sector and beyond, in industrial heat and transport.

5 The ENERGY transition is under way, and efforts are required to ensure system reliability and improve market integration of renewable ENERGY . The electricity sector is at the heart of the ENERGY system transformation. Therefore, this report provides recommendations for the design of climate POLICIES addressed to this sector, including ways to shape market rules and network regulation, retail market reforms, and wholesale market actions to improve electricity security during the transition. The primary aim of this report is to support Australia in its quest for a secure, affordable and environmentally sustainable transformation of its ENERGY sector and economy.

6 It is my hope that this country review will guide Australia in its ENERGY transition and its contribution to a cleaner, more sustainable and secure global ENERGY system. Dr. Fatih Birol Executive Director International ENERGY Agency 5 TABLE OF CONTENTS ENERGY INSIGHTS Executive summary ..13 Overview ..13 Progress and challenges ..13 ENERGY security ..15 ENERGY system transformation ..17 Special focus 1: The role of natural gas in the transition ..19 Special focus 2: The transition to a low-carbon economy and system integration of higher shares of variable renewables ..19 Key recommendations ..21 1. General ENERGY policy ..23 Country overview.

7 23 Supply and demand ..25 Institutions ..28 ENERGY strategy and targets ..30 ENERGY data ..31 Assessment ..33 Recommendations ..35 References ..35 ENERGY SECURITY Summary of Part I ..37 2. Oil ..41 Overview ..41 Supply and demand ..41 Market structure ..47 Prices and taxes ..49 Fuel quality standards ..51 Oil supply security and emergency preparedness ..51 Assessment ..53 Recommendations ..55 References ..55 TABLE OF CONTENTS 6 3. Focus area 1: Natural gas market design ..57 Overview ..57 Supply and demand ..58 Institutions and regulatory framework ..66 Gas infrastructure and network regulation ..67 Market operation and prices ..72 Gas market reform ..75 Security of supply.

8 77 Emergency response ..83 Assessment ..85 Recommendations ..88 References ..88 4. Overview ..91 Electricity supply and demand ..92 Electricity systems and markets in Australia ..96 Institutional governance of the NEM .. 100 Wholesale electricity market .. 101 Retail markets and consumer engagement .. 108 Electricity networks .. 116 Electricity security .. 123 Ongoing market reforms in the NEM .. 130 Assessment .. 133 Recommendations .. 139 References .. 140 5. Focus area 2: System integration of variable 143 Overview .. 143 General considerations for system integration .. 144 System and market operation in the NEM .. 148 Flexible resources .. 151 Assessment.

9 158 Recommendations .. 163 References .. 163 TABLE OF CONTENTS 7 TABLE OF CONTENTS ENERGY SYSTEM TRANSFORMATION Summary of Part II .. 165 6. ENERGY and climate POLICIES .. 167 Overview .. 167 ENERGY system transformation trends .. 168 Greenhouse gas emissions in Australia .. 171 ENERGY -related CO2 emissions .. 172 Australia s coal sector .. 176 Climate change mitigation .. 178 Long-term ENERGY and climate scenarios .. 181 Climate change adaptation .. 184 Low-carbon technologies and ENERGY R&D policy .. 185 Assessment .. 191 Recommendations .. 194 References .. 195 7. ENERGY efficiency .. 197 Overview of ENERGY consumption trends .. 197 States and territories .. 202 Transport.

10 206 Industry .. 208 Residential and commercial .. 210 Assessment .. 215 Recommendations .. 218 References .. 218 8. Renewable ENERGY .. 221 Overview on demand and supply .. 221 POLICIES and measures .. 224 Assessment .. 229 Recommendations .. 231 References .. 231 TABLE OF CONTENTS 8 ANNEXES ANNEX A: Organisation of the review .. 233 ANNEX B: ENERGY balances and key statistical data .. 236 ANNEX C: International ENERGY Agency Shared Goals .. 240 ANNEX D: Glossary and list of abbreviations .. 242 LIST OF FIGURES, TABLES AND BOXES Figures Map of Australia ..24 Overview of Australia's ENERGY system, 2016 ..26 Total primary ENERGY supply by source, 1973-2016.


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