This paper evaluates the microeconomic reforms within the Australian electricity industry.
Written in 2006; 1,661 words; 8 sources; APA; $ 54.95
Paper Summary:
The paper examines the National Electricity Market (NEM) formed to facilitate the supply of electricity using free market principles. The paper describes the reforms made in the key sectors of the industry and analyzes the effects of such changes on consumers and society as a whole. The paper shows how the microeconomic reforms have helped free up competition, offer more choice to consumers and improved efficiency in distribution and production. The paper notes, however, that privatization of public assets is a contentious issue and has already imposed constraints on supply and resulted in higher prices in Victoria and South Australia. The paper concludes that it would be in the national interest to closely monitor progress with reforms within these states before similar policies are implemented elsewhere.
From the Paper:
"A substantial policy shift in Australia, since the 1980s, has been for microeconomic reforms within key industries, to offer greater efficiency in economy and decrease red tape, lowering barriers to entry for competitors in the hope of creating a pure free market. Thus since the 1990s focus has moved to the electricity industry, to further reforms made in other sectors in the economy. Electricity is an essential commodity, vital for sustained growth and development throughout the whole economy. The electrical industry is also an industry traditionally dominated by the states, which fostered their own - often inefficient - public utilities, which were in charge of generation, distribution and retail, often with little or no private competition."
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