On 28 November 2017, the Australian Energy Market Commission (AEMC) released its final rule determination to change the settlement period for the electricity spot price from 30 minutes to five minutes, starting 1 July 2021 (“5 minute settlement Rule change”). As part of this rule change, the AER must amend and publish the guidelines maintained under clause 3.8.22 in respect of rebidding. We must publish the amended Rebidding and Technical Parameters Guideline by 1 December 2019 to take effect from the commencement of 5 minute settlement.
In accordance with the Rule requirements, our amendments are limited to those necessary to address the amending Rule. Our examination revealed that only minor amendments to the guideline are necessary.
In accordance with the rules consultation procedures set out in clause 8.9 of the Rules, we give notice of consultation in relation to amending the Rebidding and Technical Parameters Guideline to give effect to 5 Minute Settlement.