Today on 30th March 2023, the AEMC’s Reliability Panel published its Annual Market Performance Review for the 2021-22 Financial Year.
The report examines market performance over the 2021-22 FY in terms of reliability, security, and safety, in line with the goals and requirements of the NER (National Electricity Rules). Notably, the review period covers the June 2022 market suspension.
At this point in time, I have only had a brief scan of the report, but below is one extract from the executive summary I noted that addressed the market events of June 2022:
Despite the challenges in June 2022, load shedding was avoided and customers maintained a reliable supply. This was the result of the extraordinary efforts of AEMO that issued directions, activated the RERT, facilitated outage cancellations, contracted for additional reserves and worked with industry and market bodies to maintain a reliable supply to customers during this volatile period.
Section 11 of the report summary went on to state:
The Panel considers these events to illustrate a changing set of market and physical reliability risks which NER frameworks may need to evolve to better address. These changes to the power system’s risk profile include:
- Fuel supply arrangements that are now exposed to international market and geo-political event volatility
- A more energy-limited power system
- A power system exposed to weather-related reliability risk
- A coal generation fleet that is less available than in the past.