Measuring our success
The Key Results outlined in our Priority Initiatives will be our key measure of success as we transform the AEMC toward the delivery of:
- Less theoretical and more practical rule changes and expert advice for consumers
- Less reactive and more forward-looking action and decisions for improving the energy market, and
- Less one-way and more collaborative and adaptive ways of engaging with all stakeholders.
Each of our priority initiatives for the next 12 months will have detailed plans that will allow us to keep track of our progress towards those key results month by month.
The plans will be complete with milestones and timeframes, and how the plans will drive our internal and external change and measure our success. Some of these results will be available in six months’ time, others may take 12. They will lay the groundwork for the next three years of change.
To reflect this change, we must also redesign our performance framework to ensure close alignment between our key performance indicators (KPIs) and objectives.
The KPIs in our current Statement of Intent have always been there to measure our performance. While they are good indicators of our outputs, we are also interested in developing a KPI framework that measures not only our outputs, but the outcomes and impact of what we do. Moving to a framework that considers outcomes and impacts will necessarily include measures that are not wholly within our control. Nevertheless, we need to measure how we contribute to the outcomes we are all seeking to deliver, including with other market bodies, jurisdictions and the sector. Our Statement of Intent from Energy Ministers will be updated regularly in this context and informed by the Energy Ministers’ Strategic Energy Plan which outlines the strategic direction of the energy sector.
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