The Australian Government will invest $4.1 million over three years from Budget 2009-10 to fund a strategic approach to the nation's energy security.
This commitment will deliver integrated, strategic policy advice on energy security, from physical infrastructure security and energy supply chain resilience to medium term economic consideration of the adequacy, reliability and affordability of domestic energy.
Cleaner, adequate, reliable and affordable energy is fundamental to Australia's economic prosperity.
Funding will be provided to:
- Meet the Commonwealth's contribution to the expenses for energy market reform under Ministerial Council on Energy (MCE).
- Continue COAG energy market reforms.
- Fund in 2009-10 a simulation exercise to test and improve liquid fuel emergency response procedures. This is in accordance with the Commonwealth's obligations under the National Liquid Fuel Emergency Response Plan.
- Support a comprehensive and strategic approach to Australia's energy security and inform government decision making across the sector. This will ensure that all tiers of government work together and address these issues of national importance.
The Australian Government is developing an Energy White Paper over 2009 which will address Australia's energy security and climate change objectives and provide a comprehensive policy framework through to 2030.
The Energy White Paper will also take into account the National Energy Security Assessment, which was released earlier this year and covers the liquid fuels, natural gas and electricity sectors currently and in 5 years, 10 years and 15 years time.
The Australian Government has also commissioned a Liquid Fuel Vulnerability Assessment. It examines Australia's current level of liquid fuel vulnerability and significant trends which may affect this up until 2020.This assessment will be used to inform future policy in this area.