The Finkel Review was a valiant attempt to find a path towards a 21st century energy market model for Australia. But political infighting and powerful interests have blocked one of its core proposals, a Clean Energy Target (CET). Despite the creation of a new Energy Security Board to try to hold regulators and policy makers to account, the ability of the present structure to deliver is uncertain.
State energy ministers, who have gathered today for the COAG Energy Council meeting, are now threatening to go it alone if the Commonwealth government does not commit to a CET. But the problem and opportunity is much broader. It’s time to step back and rethink energy policy.