On 25 August 2023, the Australian Energy Market Operator (AEMO) submitted its compliance report for the 2023 Inputs Assumptions and Scenarios Report (IASR) and 2023 Integrated System Plan (ISP) methodology to the AER, following the release of the 2023 ISP methodology on 30 June 2023 and the 2023 IASR on 28 July 2023. This report is required by the AER's Forecasting Best Practice Guidelines and outlines how AEMO has had regard for and met the requirements for its forecasting activities as set out in our Forecasting Best Practice Guidelines.
Our guidelines provide guidance for AEMO's forecasting practices and processes as they relate to the IASR, the ISP and reliability forecasts such as those included in the Electricity Statement of Opportunities (ESOO). Our guidelines also place certain, binding requirements and considerations that AEMO must address in these compliance reports as per clause 5.22.5(j) of the National Electricity Rules (NER).
NER clause 4A.B.5(b) states that guidance from our Forecasting Best Practice Guidelines must have regard to the following principles:
- Forecasts should be as accurate as possible, based on comprehensive information and prepared in an unbiased manner.
- The basic inputs, assumptions and methodology that underpin forecasts should be disclosed.
- Stakeholders should have as much opportunity to engage as is practicable, through effective consultation and access to documents and information.