Australian governments have agreed to set up a new gas storage reserve, proceed with plans to build up spare electricity capacity, and develop a national transition plan to reduce greenhouse gases.
The changes were among 11 agreements reached during the first meeting of energy ministers since the election of the Albanese federal government.
The gathering of state, territory and commonwealth ministers on Wednesday came about a week after a gas shortage in several states prompted the market operator to cap prices. A deep cold snap also helped send wholesale electricity prices soaring in the National Electricity Market.
