Market Review: Completed

Overview

On 18 Dec 08, the Panel submitted a Rule change proposal to the AEMC that sought the following amendments to the Rules:
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<p>
On 18 Dec 08, the Panel submitted a Rule change proposal to the AEMC that sought the following amendments to the Rules:</p>
<ul>
<li>
increase the level of VoLL from the existing level of $10,000/MWh to $12,500/MWh, effective from 1 July 2010;</li>
<li>
define the CPT in the Rules as 15 times VoLL;</li>
<li>
replace the term &quot;Value of Lost Load (VoLL)&quot; with &quot;Market Price Limit&quot;; and</li>
<li>
replace the current annual review of VoLL with a reliability standards and settings review (i.e. the reliability standard, VoLL, CPT, and the market floor price) which is to take place every two years with two years&#39; notice of any change.</li>
</ul>
<p>
On 16 Sep 08, in order to seek detailed consultation before submitting a formal Rule change proposal for consideration by the AEMC, the Panel released an Exposure Draft of a proposed Rule change to implement the policy positions that arose as part of the Comprehensive Reliability Review, along with the Proposed Rule and a mark up of the Proposed Rule.</p>
<p>
Submissions on the Exposure Draft closed on 31 Oct 08 and the Panel received three submissions.</p>

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