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2014 Reports to the Minister Ensuring quality services for a reasonable price Workshop Markets 2014 Reports to the Minister Ensuring quality services for a reasonable price Workshop Markets Team Ken Michael Room, 25 September 2014 1

Markets Team Bruce Layman Elizabeth Walters Natalie Jackson Shibli Khan Jeremy Cook Holly Medrana Markets Team Bruce Layman Elizabeth Walters Natalie Jackson Shibli Khan Jeremy Cook Holly Medrana Ensuring quality services for a reasonable price 2

Stakeholder feedback on the effectiveness of: Purpose of this workshop 1. Wholesale Electricity Market Stakeholder feedback on the effectiveness of: Purpose of this workshop 1. Wholesale Electricity Market 2. Electricity Generation and Retail Corporation Regulatory Scheme to be considered in preparation of Discussion Papers. Ensuring quality services for a reasonable price 3

Workshop: Content and Process EMR 9: 00 am to 10. 45 am Review of Workshop: Content and Process EMR 9: 00 am to 10. 45 am Review of WEM - Overview of ERA Requirements Considerations from 2013 Report to Minister Workshop 10: 45 am to 11: 00 am: Break 11: 00 am to 12: 00 pm The EGRC Regulatory Scheme Overview of ERA’s Requirements Workshop Ensuring quality services for a reasonable price 4

Process Today Preliminary workshop October Individual meetings Ensuring quality services for a reasonable price Process Today Preliminary workshop October Individual meetings Ensuring quality services for a reasonable price November/ December Discussion Paper and Public Consultation Early 2015 Reports provided to Minister 5

Handouts: Follow up Request a meeting Issues for consideration Feedback for future engagement Ensuring Handouts: Follow up Request a meeting Issues for consideration Feedback for future engagement Ensuring quality services for a reasonable price 6

 Addresses matters ERA has raised for a number of years Industry structure – Addresses matters ERA has raised for a number of years Industry structure – government ownership Market Governance Reserve Capacity Mechanism Electricity Market Review: ERA Submission Constrained network access Ensuring quality services for a reasonable price 7

 Perspective- ERA Review based on market as is Not duplicate EMR Recognise market Perspective- ERA Review based on market as is Not duplicate EMR Recognise market likely to be modified Electricity Market Review Implications for ERA Review Adapt focus Ensuring quality services for a reasonable price 8

Incorporates: 2014 Review of Wholesale Electricity Market Ensuring quality services for a reasonable price Incorporates: 2014 Review of Wholesale Electricity Market Ensuring quality services for a reasonable price Triennial WEM Report 2014 Annual WEM Report to the Minister 9

ERA’s review Assess the effectiveness of the market in achieving the Market Objectives Investigate ERA’s review Assess the effectiveness of the market in achieving the Market Objectives Investigate market behaviour if it has resulted in the market not functioning effectively Make recommendations for increasing the effectiveness of the market Ensuring quality services for a reasonable price 10

 promote the economically efficient, safe and reliable production and supply of electricity and promote the economically efficient, safe and reliable production and supply of electricity and electricity related services in the SWIS; encourage competition among generators and retailers in the SWIS, including by facilitating efficient entry of new competitors; Market Objectives avoid discrimination in that market against particular energy options and technologies, including sustainable energy options and technologies such as those that make use of renewable resources or that reduce overall greenhouse gas emissions; minimise the long-term cost of electricity supplied to customers from the SWIS encourage the taking of measures to manage the amount of electricity used and when it is used. Ensuring quality services for a reasonable price 11

Specific requirements for report Summary of data and analysis compiled by the IMO and Specific requirements for report Summary of data and analysis compiled by the IMO and ERA Assess effectiveness of each aspect of the market including the effectiveness of the IMO and System Management in carrying out their functions Assessment of specific events, behaviour, matters that impacted effectiveness of market Recommend measures for increasing the effectiveness of the market Ensuring quality services for a reasonable price 12

 Reserve Capacity market Market for bilateral contracts for capacity and energy The STEM Reserve Capacity market Market for bilateral contracts for capacity and energy The STEM Balancing Elements of Market required to be reviewed Dispatch process Planning processes Administration of the market, including Market Rule change process Ancillary Services Ensuring quality services for a reasonable price 13

Matters flagged for further review: Performance of “new” Balancing and LFAS markets Bidding behaviour Matters flagged for further review: Performance of “new” Balancing and LFAS markets Bidding behaviour Considerations from 2013 Report to the Minister SRMC requirements Constraint payments Ensuring quality services for a reasonable price 14

Proportion of Capacity offered in Price Ranges by quarter and quarterly Average Peak and Proportion of Capacity offered in Price Ranges by quarter and quarterly Average Peak and Off-Peak Balancing Price

Your Views Ensuring quality services for a reasonable price 16 Your Views Ensuring quality services for a reasonable price 16

Break Ensuring quality services for a reasonable price Return for: 2014 Review of EGRC Break Ensuring quality services for a reasonable price Return for: 2014 Review of EGRC Regulatory Scheme 17

2014 Review of EGRC Regulatory Scheme First annual review of EGRC Regulatory Scheme. Ensuring 2014 Review of EGRC Regulatory Scheme First annual review of EGRC Regulatory Scheme. Ensuring quality services for a reasonable price 18

Comprises: The EGRC Regulations The EGRC Regulatory Scheme Ensuring quality services for a reasonable Comprises: The EGRC Regulations The EGRC Regulatory Scheme Ensuring quality services for a reasonable price The Segregation and Transfer Pricing Guidelines The (Standard Product) Wholesale Arrangements 19

ERA’s requirements Review effectiveness of operation of Scheme at least annually and make recommendations ERA’s requirements Review effectiveness of operation of Scheme at least annually and make recommendations for improvement, Also required to investigate any noncompliance identified by the Auditor General. Ensuring quality services for a reasonable price 20

Scheme Aims to: ensure Synergy does not unduly preference RBU and GBU over third Scheme Aims to: ensure Synergy does not unduly preference RBU and GBU over third party retailers & generators; Aims of EGRC Regulatory Scheme provide private sector access to electricity on non-discriminatory terms; mitigate concerns of privatesector market participants. Ensuring quality services for a reasonable price 21

Segregation into business units Transfer pricing Ring fencing Components of Scheme Wholesale trading no Segregation into business units Transfer pricing Ring fencing Components of Scheme Wholesale trading no discriminating between RBU and competitors no taking into account financial interests of RBU Wholesale Electricity Supply Policy & Wholesale Energy Credit Policy Standard Products - price notionally paid by RBU for equivalent product Compliance Regime AG audits and Authority investigates and enforces Ensuring quality services for a reasonable price 22

Test against: Does it ensure Synergy does not unduly preference RBU and GBU over Test against: Does it ensure Synergy does not unduly preference RBU and GBU over third party retailers & generators; Does it provide private sector access to electricity on non-discriminatory terms; How to assess? Does it mitigate concerns of privatesector market participants. Complexity and cost Practical experience Ensuring quality services for a reasonable price 23

Your Views Ensuring quality services for a reasonable price 24 Your Views Ensuring quality services for a reasonable price 24

Contact us: Level 4, Albert Facey House 469 Wellington Street Perth WA 6000 Economic Contact us: Level 4, Albert Facey House 469 Wellington Street Perth WA 6000 Economic Regulation Authority www. erawa. com. au (08) 6557 7900 Ensuring quality services for a reasonable price 25