The Australian Energy Regulator (AER) has published our Significant price reporting guideline (Guideline) for monitoring and reporting on significant price outcomes in the electricity wholesale market.
The Guideline is in response to a rule change by the Australian Energy Market Commission in May this year to move away from current prescriptive reporting requirements for high price events, to introduce a new ‘principles-based’ reporting framework.
This means rather than producing a detailed report every time there is a market price interval above $5,000/MWh, we can deliver concise reporting of greater value to stakeholders.
The new approach outlined in the Guideline gives us greater discretion and flexibility to tailor reports to the drivers of an event and the prevailing market conditions. In turn this will deliver more targeted and timely reporting, and better market transparency.
We consulted on the draft Guideline in August this year and received two submissions, which can be found on the project page.