Finkel gives timeframe for reform

The chief scientist has proposed a series of changes to the electricity market over the next three years.

The chief scientist has proposed a series of changes to the electricity market over the next 3 years. Source: AAP

WHAT'S NEXT FOR FINKEL PLAN?

July 2017 - Next meeting of COAG Energy Council expected to agree to new Energy Security Board.

September 2017 - Australian Energy Market Operator to publish a review of its summer forecast and how it is preparing for the seasonal spike in demand. The Australian Competition and Consumer Commission to publish a preliminary report into electricity supply and prices.

Mid-2018 - Energy market regulation reviews completed and new reliability guarantee adopted. Australian Energy Market Operator given a last resort power to have gas-fired generators available in emergency situations. ACCC to publish final report on prices and supply.

Mid-2019 - Report on workforce needs for the energy sector.

By 2020 - All governments agree to a national emissions reduction strategy, taking Australia to 2050.

Mid-2020 - Complexities removed to enable consumers to share their energy data and play a more informed role in energy grid.