["Australian Journal of Agricultural and Resource Economics, EarlyView. ", "\nABSTRACT\nAustralia's National Electricity Market (NEM) was established in the late 1990s. The market is an energy only gross pool with zonal (state‐based) pricing. Over the past 15 years, the system has undergone a profound transformation as large coal‐fired power stations have retired and substantial volumes of large‐scale and embedded behind the meter variable renewables have been installed. In this context, Australian governments commissioned a review into the NEM by an expert panel (the ‘NEM Review’). This article provides a summary of the key findings of the Panel across three key timeframes: the short‐term market (spot market) is largely fit for purpose but ‘hidden participants’ are impeding efficient outcomes and there are increasing risks to be managed as the system becomes more weather dependant; the medium‐term derivative market, used to manage risk, requires urgent attention to ensure liquidity and price transparency facilitate efficient management of spot price risk; and a new long‐term integrated market mechanism designed to overcome the ‘tenor gap’ should be introduced to facilitate long‐term investment.\n"]