Market Review: Completed
In its final determination the Reliability Panel decided not to perform a further formal VoLL review in 2008 because it has recently completed its Comprehensive Reliability Review (CRR) in December 2007, which was a comprehensive review of the reliability mechanisms in the NEM and included a robust analysis of the level of VoLL.
In accordance with clauses 3.9.4(c) and 3.9.6(c) of the National Electricity Rules (Rules), the Panel is required to review the VoLL and market floor price by 30 April each year. Any change to VoLL takes effect from July two years after the determination is made and any change to the market floor price takes effect from July one year after the determination is made. At the time the Panel undertakes this review, it is also required under clause 3.12.1(b) to recommend whether the reliability safety net can be removed from the Rules.
The Panel published its VoLL 2008 Review draft determination on 21 February 2008 and sought comments from stakeholders by 27 March 2008. The final determination was published on 18 April 2008.