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From First Place to Last: The National Electricity Market's Policy-Induced ‘Energy Market Death Spiral’

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  • Paul Simshauser

Abstract

type="main" xml:lang="en"> Microeconomic reforms that established Australia's National Electricity Market during the 1990s were extensive. State-owned electricity commissions were vertically and horizontally restructured and many of the restructured businesses were privatised. A mandatory gross pool market was established to facilitate competition amongst generators and retailers and quickly became one of the best-performing wholesale electricity markets in the world. Networks remain regulated under unresponsive 5-year rate cases with flat-rate tariffs persisting, while inflexible ‘subsidy schemes’ proliferated and forced generation plant entry into an already-oversupplied market. End-use electricity tariffs have since doubled. Misguided and overlapping policy failures are primary causes.

Suggested Citation

  • Paul Simshauser, 2014. "From First Place to Last: The National Electricity Market's Policy-Induced ‘Energy Market Death Spiral’," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 47(4), pages 540-562, December.
    • Handle: RePEc:bla:ausecr:v:47:y:2014:i:4:p:540-562
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