Consumer protection in Australia's energy transformation: the National Energy Market (NEW)

The chapter is structured in four parts. Firstly, it examines important recent policies in Australia's energy transformation to reach its goal of net zero emissions, focussing on the Renewable Energy Target, the Black System Event in South Australia (SA), and the Climate Change Act 2022 (Cth), creating the foundations for the National Electricity Market (NEM) system redesign towards the NEM 2.0. Secondly, it highlights energy poverty as a crucial economic challenge, particularly in rental communities and lower socio-economic groups who have been historically unable to partake in decarbonised energy schemes, and the need for Equitable Reverse Auctions. Thirdly, it surveys the renewed policy focus on energy equity and the need for new mechanisms to provide affordability, accessibility, and consumer protection for vulnerable Australian households; policy adaptation to facilitate prosumerism; and the advent of new options contracts and bidding systems led by New South Wales (NSW) in Renewable Energy Zones (REZs) and Long-Term Energy Service (LETS) Agreements. Finally, the chapter concludes by charting future opportunities and challenges in Australia's energy transformation for energy consumers in the NEM 2.0.