Australia's energy ministers have agreed the detail of the new energy market bodies in that country, paving the way for the legislative changes needed to open the door to the establishment of a National Energy Regulator. The agreement defines a new energy market governance and legislative structure which includes establishment of the Australian Energy Regulator (AER) and Australian Energy Markets Commission (AEMC). The AER will be located in Melbourne, and the AEMC in Sydney.
An international executive search agency will be engaged to find a Chair for the AER. The primary purpose of the new structure is to make the Australian energy market a more attractive place to invest, by doing away with the current labyrinth of state and federal regulatory bodies. All jurisdictions have been tasked to deliver the necessary legislative changes by 30 June 2004.