Five Minute Settlement and Global Settlement

Notice:

A rule change request has been submitted to the AEMC proposing a 12-month deferral to the 5MS and Global Settlement commencements. The AEMC are currently processing this rule change request under the expedited rule change process. The consultation paper, and further information, is available on the AEMC website.

AEMO has been working with participants to examine the potential impact that a 12-month deferral may have on AEMO’s 5MS Program and Industry Readiness with the aim of providing the industry with information to aid with their submissions to the AEMC consultation process.

This information can be found in the following documents:

Document

Key points

SWG#21 meeting pack (29-Apr-20)

 

AEMO presented the approach to systems implementation under a 12-month deferral scenario and confirmed that there was no impact to the current systems implementation timeline.

SWG #21 meeting notes

PCF #21 meeting pack (05-May-20)

Overview of AEMC rule change process and AEMO’s approach to engagement provided.

PCF #21 meeting notes

To be finalised

RWG #11 meeting pack (14-May-20)

Discussion on the 12-month deferral scenario for industry transition and market testing

RWG #11 meeting notes

To be finalised

TFG #7 meeting pack (07-May-20)

Discussion on the 12-month deferral scenario for Metering Transition

TFG #7 meeting notes

The Australian Energy Market Operator (AEMO) is working with industry to implement changes arising from an Australian Energy Market Commission (AEMC) Final Determination to implement Five-Minute Settlement (5MS) in the National Electricity Market (NEM). On 6 December 2018 the AEMC made a final rule that requires a move to a Global Settlement (GS) framework for the demand side of the wholesale electricity market.

The full commencement of 5MS, and the soft start of GS, both begin on 1 July 2021. This aligns the development of systems and procedures for both changes, reducing implementation costs. GS will fully commence on 6 February 2022. Please visit the Global settlement and market reconciliation web page on AEMC's website for further details.

To implement the 5MS and the GS rule changes AEMO has established the 5MS Program, comprising the following workstreams:

  • Procedures – to define the required changes to market procedures.
  • Systems – to design, develop, test, and implement changes to AEMO’s market systems.
  • Readiness – to coordinate, assist and prepare AEMO and the industry for the transition. 

For further information about the program please visit the Program Information and Fact Sheets page.

Program timeline

For detailed information on the latest 5MS and GS timelines and Level 1 and Level 2 milestones, their descriptions, and key dates for Procedures, Systems and Readiness workstreams leading out until 2022, download the following document:

Industry engagement overview

Engagement between AEMO and industry will be crucial to successful execution of the 5MS Program. The following diagram outlines AEMO’s approach to engagement (forums and groups specific to the 5MS Program are highlighted in yellow).

Diagram showing relationship between 5MS working groups

 

Detailed information on each workstream and the 5MS forums and groups is available by navigating to separate pages (see section on the left).

For Further Information

Please direct any queries regarding the Five-Minute Settlement (5MS) Working Groups to 5ms@aemo.com.au.

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