It has been said many times before that we are living in extremely challenging times. The terrain of enforced shut down caused by the coronavirus pandemic across towns and cities globally is unchartered. Nobody knows precisely what is best. Decisions made represent a fine balancing act between the health of people and the economic stability of the country. These are not mutually exclusive; most readers will be aware that economic stability in any country vastly improves the health of that country’s inhabitants.
It is always positive, then, to hear of plans that consider all prongs. The latest of which, from Australia’s energy market, is a plan designed to minimise the risk of COVID-19 to industry and consumers.
The Australian Energy Market Commission (AEMC), the Australian Energy Market Operator (AEMO) and the Australian Energy Regulator (AER) will work closely together to ease pressure on industry and protect consumers at risk of COVID-19. The three organisations state their top priorities as power security, and projects that support consumers while simultaneously keeping industry viable. The plan has been sent to industry for collaborative feedback, and stakeholder workshops are also planned. By pausing industry requirements for a period of twelve months, it will alleviate financial pressure in this challenging time, as well as the immediate aftermath once shut down is lifted. It is expected that the plan will be finalised by the end of April1.
The plan from the energy market means that some asset procurement within the sector will be paused for some time. But it doesn’t mean that Australia will be left in the dark. Rather, the plan devised by the three organisations shows flexibility in leadership and governance: core aspects of any asset management plan.
Let us know your thoughts on the energy sector’s plans for the duration and aftermath of the coronavirus pandemic. Tell us how your organisation is handling business during #shutdown and how your asset management plan is continuing to work towards enabling value in this time.
1 Info in this para sourced: https://www.energymagazine.com.au/energy-market-bodies-launch-covid-19-power-plan/