The Federal Government has appointed Dr Michael Vertigan as the Chair of the Energy Security Council to advise on measures to ensure the ongoing security of the nation’s energy supply during the transition to clean energy dependency.

 

Dr Vertigan possesses extensive experience in the nation’s energy, financial and government sectors. He currently serves as Director of Aurora Energy, Chair of diversified financial group MyState Limited and the Chair of the Solar Flagships Council.

 

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:

 

  • loans for generators that need to refinance their debt if finance on reasonable commercial terms is not otherwise available, and
  • 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.

 

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.