Today the COAG Energy Council met in Sydney to discuss the need to bring power prices down while ensuring the reliability of the grid.

COAG Energy Council ministers noted that the Energy Security Board (ESB) will cease work on the National Energy Guarantee and agreed the ESB would bring forward National Electricity Law amendments to advance a Retailer Reliability Obligation.

The ESB will prepare a final draft Bill for the Council for consideration at the next meeting in December 2018, to be implemented by 1 July 2019.

Ministers also agreed to develop a reference price set by the Australian Energy Regulator (AER) for consideration at the December 2018 meeting. The Australian Government has asked the AER to complete the work required to calculate this reference price by the end of April 2019, so it can be in place by 1 July 2019.

Ministers also noted the Australian Energy Market Operator's (AEMO) preparedness for summer and advice that additional measures are required to support future reliability.

Together, these measures will help to lower power prices for Australian households and businesses while keeping the lights on.

To read the full COAG Energy Council Communique, please visit: http://www.coagenergycouncil.gov.au/publications/20th-energy-council-ministerial-meeting-communique