Submitting best estimate injection bids and withdrawal bids in the Victorian Declared Wholesale Gas Market
The Australian Energy Regulator (AER) is responsible for monitoring compliance by Registered Participants and others persons with the National Gas Law (Gas Law), the National Gas Rules (Gas Rules) and associated Regulations. The AER aims to work co-operatively with participants to help them understand the obligations under the Gas Rules in order to achieve a high level of compliance.
Part 19 of the Gas Rules governs the operation of the Declared Wholesale Gas Market (Victorian gas market) including obligations on market participants when submitting bids. The Gas Scheduling Procedures (GSP) under part 19 of the Gas Rules are also relevant to the bidding process. Under these procedures facility operators inform AEMO and market participants of information affecting gas supply.
Specifically, Gas Rules 213(2)(b) and (c) require a market participant to ensure each injection bid and withdrawal bid represents a best estimate of the quantity of gas the market participant expects to be able to inject or withdraw from the declared transmission system (DTS).
This bulletin explains the AER’s expectations in regard to market participants making best estimates when submitting injection bids and withdrawal bids in the Victorian Declared Wholesale Gas Market as required under rules 213(2)(b) and (c) of the National Gas Rules.
We encourage participants to review their compliance programs to ensure they reflect the expectations of the AER as identified in this compliance bulletin. The AER is open to discussing any concerns that market participants may have relating to this compliance bulletin or compliance with energy market obligations more generally.