THE HON WAYNE SWAN MP
DEPUTY PRIME MINISTER AND TREASURER
THE HON GREG COMBET AM MP
MINISTER FOR CLIMATE CHANGE AND ENERGY EFFICIENCY
THE HON MARTIN FERGUSON AM MP
MINISTER FOR RESOURCES AND ENERGY
MINISTER FOR TOURISM
*** JOINT MEDIA RELEASE ***
The Gillard Government has appointed Dr Michael Vertigan AC as Chair of the Energy Security Council to advise on measures to ensure the security of energy supply during the transition to a clean energy future.
Dr Vertigan is uniquely qualified to advise on applications for financial assistance by energy market participants given his experience across the energy, financial services and government sectors. He is currently a Director of Aurora Energy Pty Ltd, Chair of diversified financial group MyState Limited, and Chair of the Solar Flagships Council.
He was also previously a Director of Eraring Energy, Chair of the Basslink Development Board, Chair of AGEST Superannuation Fund, Director of ASX Supervisory Review Pty Ltd, and Secretary of the Department of the Treasury and Finance in both Victoria and Tasmania.
The Government announced the establishment of the Council as part of the Clean Energy Future package to advise on support measures to address energy security risks, and the Government has today also released the Charter of the Council that will guide its work. In particular, the Council will assess applications for financial assistance in the form of:
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loans for generators that need to refinance their debt if finance on reasonable commercial terms is not otherwise available, and
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loans or other assistance to seek to address systemic risk to energy security in the event of financial distress on the part of an energy market participant.
The Council will provide advice to the Government about maintaining energy security with the least distortion to markets and consistent with responsible fiscal policy.
While recognising the role of state and territory governments and existing energy market institutions, the Council will also undertake more general functions including contingency planning, assisting with crisis management by providing a forum for co-ordinated action, and considering trends in energy markets which are likely to lead to systemic risks to energy security.
Membership of the Council will also include the Chairs of the Australian Energy Market Commission, the Australian Energy Regulator, the Australian Securities and Investments Commission, as well as and experts from business, public finance, insolvency and the Australian energy market. The Government intends to appoint remaining members of the Council in coming weeks.
The Council is an important part of the Government’s plan to transition our economy to a clean energy future with secure energy supply for all Australians.