Energy Security and 'Big Stick' Legislation

Abstract

Energy security is the central goal of energy policy. It is a multidimensional concept that incorporates notions of adequacy, reliability, affordability and sustainability. However, Australia’s ongoing energy crisis, particularly on the country’s east and south coast, suggests that Australian energy law has failed to rise to the challenge of achieving energy security at a time when our climate continues to change. In an attempt to improve Australia’s energy security, the Commonwealth government has recently turned to “big stick” legislation aimed at curbing energy market misconduct. This article analyses whether the Treasury Laws Amendment (Prohibiting Energy Market Misconduct) Act 2019 (Cth) truly possesses energy security merit, or instead illustrates the government’s lack of vision at a critical juncture in energy law.

Keywords: energy security; energy market; electricity market; market misconduct; energy law; environmental law; competition law; consumer law

JEL Classification: K00; K10; K30; K32