Three Month Delay to Five-Minute Settlement Market
The implementation of the Five-Minute Settlement Market has been delayed by three months to 1 October 2021 in a final determination made by the Australian Energy Market Commission (AEMC).
In April, the Australian Energy Market Operator (AEMO) requested a 12-month delay to the rule’s commencement in response to the global pandemic to allow market participants to focus on the ongoing supply of electricity and support for energy customers.
The Commission has stated that its determination for a three-month delay balances the impacts on the industry’s capabilities to implement the Five-Minute Settlement against the “additional costs and deferred benefits associated with a longer delay”.
The Five-Minute Settlement Market is the result of a rule change to the settlement period for electricity spot prices from 30 minutes to five minutes.
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