The Reliability Panel invites interested stakeholders to a meeting to discuss its November 2017 draft report on the Review of the reliability standard and reliability settings. The meeting will be held at the AEMC’s office in Sydney on Wednesday 7 March 2018.
The meeting will consider feedback from stakeholders on the Panel’s proposal to keep the market price cap and cumulative price threshold at their current levels. The Panel’s modelling of five minute settlement and the implications for the review’s final recommendations will also be presented at the meeting.
The Panel notes that issues relevant to the broader market and regulatory frameworks for reliability are outside the scope of this review and will not be covered at this meeting. These broader issues are being addressed through the Energy Security Board’s proposed national energy guarantee and the AEMC’s Reliability frameworks review.
The final report will be published by 30 April 2018.
The Reliability Panel, which forms part of the AEMC’s institutional arrangements, determines standards and some of the guidelines used by AEMO and participants which help to maintain a secure and reliable power system for consumers. The Panel is comprised of members who represent a range of participants in the national electricity market, including consumer groups, generators, network businesses, retailers and the Australian Energy Market Operator (AEMO).
In accordance with National Electricity Rules, the Reliability Panel reviews the reliability standard and settings every four years.
These system-wide settings are an integral part of the national electricity market framework which aims to get power to customers as cost-effectively as possible. The settings and standard support efficient generation investment and operational decisions and provide an important ‘price envelope’ protecting market participants from exposure to excessive high and low prices.
In November 2017 the Panel published a draft report which found there is projected to be sufficient physical capacity in the electricity system to generate and transport power to meet the Reliability Standard from 1 July 2020 to 1 July 2024.