The Australian Energy Market Operator has been instructed to procure and store gas supplies while regulators will be given more powers to ensure transparency in the sector.

Energy Minister Chris Bowen on Wednesday convened a roundtable of Australia’s energy ministers, where they were briefed by the Australian Energy Regulator, Australian Energy Market Operator, and the chair of the Energy Security Board.

Bowen said there would be no silver bullet or overnight fix, blaming his predecessors for a rigid energy grid unable to adapt to evolving pressures.

“The (AEMO) could not procure some gas and keep it in reserve to be released for urgent and crisis situations,” he said following the meeting.

“That is technically possible. There are storage facilities around the country. We agreed to work to give AEMO that power and to give them that power expeditiously.”

The Australian Energy Market Commission has been instructed to proceed with the development of the capacity mechanism which ensures power plants are available to generate electricity when needed.

The capacity mechanism will focus on new technologies such as transmission, storage and renewables, but Bowen wouldn’t rule out coal-fired power plants when asked if it would be included in the energy mix.

“It’s designed to improve the capacity in the system,” he said.

“I also believe it should be expert led. In terms of the detailed design, the ESB will do their work and put it out for detailed consultation.”

The development of a national transition plan for the energy market ahead of the next meeting in July has also been agreed to.

 – AAP