Settlements Residue Auction Rules
In this section
In this section
- Guide to settlements residue auction
- Settlements Residue Auction Rules
- Settlement Residue Committee
- SRA Secondary Trading Project
- Settlements Residue Auction – Maximum Number of Units and Proportions
- Auction participant agreement
- Auction notices
- Settlement Residue Auction reports
- Auction results
- SRA dates 2019 and 2020
- Exemption from requirement to hold Australian financial services license
Rule change November 2014
AEMO consulted on the following amendments to the Settlements Residue Auction Rules:
- Removing from the auction rules the maximum number of units and proportions for each Settlement Residue Auction (SRA) directional interconnector.
- Defining in the auction rules the principles to be applied in determining the maximum number of units and proportions for each directional interconnector, and the governance structure for the approval, variation and publication of those values.
- Removing references to jurisdictional derogations.
- Modifying the definition of the start of the auction bidding period.
- Rephrasing the timing for auction expense fees notification.
The Settlement Residue Committee approved the changes to the Settlements Residue Auction rules in October 2014, and the amended auction rules were published on 7 November 2014.
Settlement Residue Auction Rules
7 November 2014 | filesize: 858 KB (.pdf)
Background to previous rule changes
Rule change March 2014
In late 2013 and early 2014, AEMO consulted on the following minor amendments to the Settlements Residue Auction Rules:
- Including the method for calculating auction expense fees, and updating the formula to reflect that these are calculated over three years.
- Describing the process AEMO uses to reconcile auction expense fees.
- Allowing auction dates to be changed either earlier or later.
- Removing the requirement to publish several notifications on NEMNET.
The Settlement Residue Committee approved the changes to the Settlements Residue Auction Rules in March 2014, and the amended Auction Rules were published on 12 March 2014.
Rule change May 2010
The Australian Energy Market Commission (AEMC) published its final report of the Congestion Management Review on 16 June 2008. The report recommended changing the design of Settlements Residue Auctions (SRA), so auction units would be available up to three years in advance.
During late 2009, AEMO undertook a full consultation on amendments to the SRA Auction Rules, to facilitate auctioning of units up to three years in advance. The amended Rules would be due to come into force on 1 May 2010 in time for the June 2010 auction, where for the first time units would auctioned three years in advance. In addition, AEMO introduced a number of miscellaneous amendments to reflect current auction practices.
The miscellaneous changes included:
- Removing the concept of concurrent auctions, which was no longer required with inter-temporal linking.
- Removing the option for accelerated auctions, as this was no longer considered necessary.
- Correcting a number of Rule references.
- Removing the remaining references to Snowy interconnectors.
The Settlement Residue Committee approved the changes to the Settlements Residue Auction Rules in December 2009, noting the Rules were due to come into force on 1 May 2010.
For further information on these documents, please contact the AEMO Information and Support Hub.