WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 227
Market Data
Money Market Regulations
ENERGY IN
THE REGIONS
HOME
Market reform
FIGURE 14
Changing energy market design Overview (2/2)
Design Changes
Region / Country
Australia
• China aims to build a Unified National
Power Market by 2030
Year
• The NEM needs modernization to adapt to changes in electricity generation, emerging technologies like solar batteries, and
shifting consumer preferences
• In 2018, the Australian Government and state/territory governments tasked the Energy Security Board with advising on a
long-term market framework for reliability from 2025. The Post-2025 Market Design project was established to ensure the
NEM meets future electricity needs with diverse generation sources, demand response, storage, and distributed energy
participation
2018
(Ongoing)
• The expansion of renewable energy in China has been driven by the government’s 2020 pledge to reach peak carbon dioxide
emissions by 2030 and become carbon neutral by 2060
• Under a 2022 guideline on establishing a unified national power market issued by the National Development and Reform
Commission, the country’s top planner, China aims to build the unified electricity market system by 2030, by which time
renewable energy will fully participate in market trading
2022
(Ongoing)
Source: Australia Government, IEA
227
WEMO 2024
China
• To modernise National Electricity Market
(NEM)
Key Insights
