The NEL requires the AEMC to establish the Reliability Panel in accordance with the National Electricity Rules. The role of the Panel is:
- to monitor, review and report on, in accordance with the Rules, the safety, security and reliability of the national electricity system;
- at the request of the AEMC, to provide advice in relation to the safety, security and reliability of the national electricity system; and
- any other functions or powers conferred on it under the Law and the Rules.
Clause 8.8.1 of the Rules sets out the functions of the Panel in more detail.
Under clause 3.9.3A of the Rules the Panel is also responsible for a biennial review of the level of the reliability standard, the level of the Market Price Cap (formerly known as VoLL), the Market Floor Price and the Cumulative Price Threshold (CPT). More information on the latest review of the reliability standard and settings can be found here.