The Reliability Panel’s (Panel) FY2024 NEM Reliability and Security Report (RASR) summarises and provides analysis on the reliability, security, and safety performance of the power system across the 2023–24 financial year (FY2024). This report was previously named the Annual Market Performance Review (AMPR).

Final report observations

This year’s report found that the National Electricity Market (NEM) continued to maintain adequate levels of reliability, security and safety. The Panel has identified five key insights arising from its analysis.

1. The NEM has continued to maintain high levels of reliability.
2. System security remains a pressing challenge in the energy transition.
3. Distributed and utility-scale battery capacity is increasing. Orchestration and appropriate price signals can deliver greater customer and system benefits.
4. Patterns in wholesale prices are changing.
5. There were no safety incidents for the purposes of this reporting in FY2024.

Reliability

The Panel's assessment in the FY2024 RASR shows that:

• There was no breach of the reliability standard or interim reliability measure in FY2024.
• FY2024 saw a significant increase in both utility-scale and distributed renewable generation and battery storage.
• Despite the significant amount of proposed generation, the transition of projects from the proposed and anticipated stages to committed is slow, which may impact future reliability.
• The reliability and emergency reserve trader was not activated in FY2024.
• There was one occasion on 31 December 2023 where AEMO requested a non-scheduled unit to curtail to 0 MW during a minimum system load event.

Security

The Panel found that security performance in the NEM was acceptable during the reporting period. The Panel notes:

• There were two instances where the power system was not in a secure operating state for greater than 30 minutes, both caused by the exceedance of inverter limits at solar farms.
• Total system operating costs decreased by 10.9% from FY2023, primarily driven by falling Frequency Control Ancillary Services (FCAS) costs.
• The amount of time spent within the normal operating frequency band on both the mainland and in Tasmania was consistent with FY2023. The Basslink interconnector remains the primary cause of frequency operating standard exceedances within Tasmania.
• There was a slight increase in the number of security directions issued compared to FY2023, with most issued in SA, and additional directions in NSW (1), QLD (2) and VIC (4).

Safety

The Panel notes that its safety reporting role extends only to safety incidents arising from actions taken by AEMO to manage the power system within technical and not to safety requirements governed by jurisdictional legislation. In this context, there were no safety incidents for the purposes of this reporting. 

Key Events

There were a number of key market events in FY2024, including:

• NSW (8 May 2024): The combination of planned transmission outages and unplanned generator outages resulted in the cumulative price threshold being breached. A period of administered pricing ensued, capping the wholesale price at $600/MWh
• VIC (13 February 2024): The Moorabool – Sydenham No. 1 and No. 2 500 kV lines failed during a severe weather event, resulting in a loss of 2484 MW of generation in Victoria.
• Northern NSW (8 July 2024): To return the power system to a secure operating state, AEMO directed 40 MW of load to be shed in the Lismore area. The event affected around 28,000 customers over three hours.

Background

The RASR assesses reliability, security, and safety outcomes relevant to the NEM undergoing rapid transition. This year’s report covers the period from 1 July 2023 to 30 June 2024.  

The report compiles information collected from various sources, including the Australian Energy Market Operator, the Australian Energy Regulator, and market participants. 

The purpose of the report is to: 

• Consider specific events that have occurred in the NEM over the reporting period 
• Assess the performance of the power system against various reliability, security, and safety measures 
• Consolidate key information related to the performance of the power system and present observations and commentary in a single publication for the purpose of informing stakeholders.

About the Reliability Panel

The Reliability Panel’s core functions relate to the security, reliability, and safety of the national electricity system. The focus of the Panel’s work is on determining standards and guidelines that are part of the framework for maintaining a secure and reliable power system. 
The Panel members broadly represent the stakeholders interested in the operation of the power system and the electricity market, including consumer groups, generators, network service providers, retailers and the power system and the market operator. 

Key dates for this review

• Review initiated: 10 April 2025
• Explanatory statement publication: 26 June 2025
• Final report publication: 26 June 2025