Market Review: Completed
Given that the AEMC is evaluating a Rule change proposal from the Panel to change VoLL, including an update of its analysis of the level of VoLL, and that the Panel will commence a further review of VoLL in 2009 as part of its Reliability Standard and Settings Review, the Panel considered that it had effectively fulfilled its obligations in relation to reviewing the level of VoLL at this time. Therefore, the Panel did not perform an analytical review of VoLL as part of the 30 April 2009 recommendations.
In accordance with clauses 3.9.4(c) and 3.9.6(c) of the National Electricity Rules, the Reliability Panel (Panel) is required to review the Value of Lost Load (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.
On 6 March 2009, the Panel published its draft determination for the 2009 VoLL Review and sought comments from stakeholders. The Panel did not receive any submissions on its draft determination and the final determination was published on 16 April 2009.