Benchmark Reserve Capacity Price archive
The Maximum Reserve Capacity Price reports and submissions are provided below for the Capacity Years from 2008-09 to 2023-24.
These reports are published in accordance with Market Rules 4.16.6 and 4.16.7.
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2021 Benchmark Reserve Capacity Price (for 2023-24)
The BRCP for the 2021 Reserve Capacity Cycle is $151,700 per MW per year and will be effective for the 2023-24 Capacity Year, which starts on 1 October 2023 and ends on 1 October 2024.
Related Documents
Applicable documents
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29/01/2021
ERA decision on the 2023-24 Benchmark Reserve Capacity Price Proposal
118.96 KB -
29/01/2021
GHD: 2021 Benchmark Reserve Capacity Price Power Station Costs
1.13 MB -
29/01/2021
Landgate: Land values for the 2021 Benchmark Reserve Capacity Price
276.58 KB -
29/01/2021
Western Power: Total Transmission Cost Estimate for the 2021 Benchmark Reserve Capacity Price
540.55 KB -
29/01/2021
PwC: Cost Escalation Factors for the 2021 Benchmark Reserve Capacity Price
588.12 KB -
29/01/2021
PwC: 2021 Benchmark Reserve Capacity Price Debt Risk Premium for the South West Interconnected System (October 2020)
293.01 KB -
29/01/2021
PwC: 2021 Benchmark Reserve Capacity Price Debt Risk Premium for the South West Interconnected System (November 2020)
305.44 KB
Submissions received during the public consultation period
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2020 Benchmark Reserve Capacity Price (for 2022-23)
The BRCP for the 2020 Reserve Capacity Cycle is $141,900 per MW per year and will be effective for the 2022-23 Capacity Year, which starts on 1 October 2022 and ends on 1 October 2023.
Related Documents
Final report
- Final report: Benchmark Reserve Capacity Price for the 2022-23 Capacity Year (590 KB, pdf)
- 2020 BRCP calculation spreadsheet (final report version) (76 KB, xlsx)
Draft report
- Draft report: Benchmark Reserve Capacity Price for the 2022-23 Capacity Year (572 KB, pdf)
- 2020 BRCP calculation spreadsheet (draft report version) (76 KB, xlsx)
Applicable documents
- ERA decision on the 2022-23 Benchmark Reserve Capacity Price Proposal (141 KB, pdf)
- GHD: 2020 Benchmark Reserve Capacity Price for the SWIS (final) (825 KB, pdf)
- GHD: 2020 Benchmark Reserve Capacity Price for the SWIS (760 KB, pdf)
- Landgate: Land values for the 2020 Benchmark Reserve Capacity Price (216 KB, pdf)
- PwC memo: 2020 Benchmark Reserve Capacity Price Debt Risk Premium for the South West Interconnected System (November 2019) (254 KB, pdf)
- PwC memo: 2020 Benchmark Reserve Capacity Price Debt Risk Premium for the South West Interconnected System (August 2019) (276 KB, pdf)
- PwC report: Escalation Factors - 2020 Benchmark Reserve Capacity Price (August 2019) (660 KB, pdf)
- Weighted Average Cost of Capital (WACC) parameter calculation spreadsheet for the final report (81 KB, xlsx)
- Weighted Average Cost of Capital (WACC) parameter calculation spreadsheet for the draft report (84 KB, xlsx)
- Western Power: Total transmission cost estimate for the 2020 Benchmark Reserve Capacity Price (392 KB, pdf)
Submissions received during the public consultation period
- Alinta Energy (170 KB, pdf)
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2019 Benchmark Reserve Capacity Price (for 2021-22)
The BRCP for the 2019 Reserve Capacity Cycle is $154,200 and will be effective for the 2021-22 Capacity Year, which starts on 1 October 2021 and ends on 1 October 2022.
Related Documents
Final report
- Final report: Benchmark Reserve Capacity Price for the 2021-22 Capacity Year (520 KB, pdf)
- 2019 BRCP calculation spreadsheet (final report version) (80 KB, xlsx)
Draft report
- Draft report: Benchmark Reserve Capacity Price for the 2021-22 Capacity Year (644 KB, pdf)
- 2019 BRCP calculation spreadsheet (draft report version) (76 KB, xlsx)
Applicable documents
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GHD 2021-22 Benchmark Reserve Capacity Price for the SWIS (762 KB, pdf)
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Landgate - Land values for the 2021-2022 Capacity Year (217 KB, pdf)
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PwC memo: 2019 Benchmark Reserve Capacity Price Debt Risk Premium for the South West Interconnected System (September 2018) (556 KB, pdf)
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PwC memo: 2019 Benchmark Reserve Capacity Price Debt Risk Premium for the South West Interconnected System (November 2018) (568 KB, pdf)
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PwC report: Estimating the Escalation Factors for the 2019 Benchmark Reserve Capacity Price (August 2018) (478 KB, pdf)
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Weighted Average Cost of Capital (WACC) parameter calculation spreadsheet for the draft report (72 KB, xlsx)
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Weighted Average Cost of Capital (WACC) parameter calculation spreadsheet for the final report (80 KB, xlsx)
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Western Power total transmission cost estimates for the BRCP for the 2021-22 Capacity Year (694 KB, pdf)
Submissions received during public consultation period
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Perth Energy (592 KB, pdf)
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Merredin Energy (443 KB, pdf)
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2018 Benchmark Reserve Capacity Price (for 2020-21)
The BRCP for the 2018 Reserve Capacity Cycle will be effective for the 2020-21 Capacity Year, which starts on 1 October 2020 and ends on 1 October 2021.
AEMO proposed a final value of $153,600 per MW per year to the Economic Regulation Authority (ERA).
This value was approved by the ERA on 29 January 2018 in accordance with clause 2.26 of the Wholesale Electricity Market Rules.
Related Documents
Final report
- Final report: Benchmark Reserve Capacity Price for the 2020-21 Capacity Year (1.3 MB, pdf)
- BRCP calculation spreadsheet (final report version) (75 KB, xlsx)
Draft Report
- Draft report: Benchmark Reserve Capacity Price for the 2020-21 Capacity Year (1.0 MB, pdf)
- BRCP calculation spreadsheet (draft report version) (75 KB, xlsx)
Applicable documents
- ERA decision on the 2020-21 Benchmark Reserve Capacity Price Proposal (1.32MB, pdf)
- GHD 2020-21 Benchmark Reserve Capacity Price for the SWIS (2.3 MB, pdf)
- Landgate - Land values for the 2020-2021 Capacity Year (274 KB, pdf)
- PwC Estimated debt risk premium (dated 24 November 2017) (573 KB, pdf)
- PwC Estimated debt risk premium (dated 6 October 2017) (447 KB, pdf)
- WACC parameter calculation spreadsheet for the final report (73 KB, xlsx)
- WACC parameter calculation spreadsheet for the draft report (72 KB, xlsx)
- Western Power Total transmission cost estimates for the BRCP for the 2020-21 Capacity Year (1.5 MB, pdf)
Submissions received during public consultation period
- Perth Energy (592 KB, pdf)
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2017 Benchmark Reserve Capacity Price (for 2019-20)
For the 2019–20 Capacity Year, a BRCP of $149,800 per MW per year was proposed by AEMO.
The ERA approved this value in accordance with clause 2.26 of the Market Rules. The BRCP of $149,800 per MW per year will be effective from 1 October 2019 to 1 October 2020.
Related Documents
Final report
Final report: Benchmark Reserve Capacity Price for the 2019-20 Capacity Year [1.0 MB]
BRCP calculation spreadsheet (final report version) [63 KB]
Draft report
Draft report: Benchmark Reserve Capacity Price for the 2019-20 Capacity Year [1.1 MB]
BRCP calculation spreadsheet (draft report version) [63 KB]
Applicable documents
ERA decision on the 2019-20 Maximum Reserve Capacity Price Proposal [384 kB]
GHD 2019-20 Benchmark Reserve Capacity Price for the SWIS [648 KB]
Landgate - Land values for the 2019-2020 Capacity Year [266 KB]
PwC Estimated debt risk premium (dated 5 December 2016) [181 KB]
PwC Estimated debt risk premium (dated 25 October 2016) [167 KB]
WACC parameter calculation spreadsheet for the final report [18 KB]
WACC parameter calculation spreadsheet for the draft report [20 KB]
Western Power Total transmission cost estimates for the BRCP for the 2019-20 Capacity Year [3.7 MB]
Submissions received during public consultation period
Perth Energy [473 KB]
Tesla [1.8 MB]
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2016 Benchmark Reserve Capacity Price (for 2018-19)
For the 2018–19 Capacity Year, AEMO proposed a final revised value for the Benchmark Reserve Capacity Price (BRCP) of $159,800 per MW per year to the ERA.
This value was approved by the ERA on 8 March 2016 in accordance with clause 2.26 of the Market Rules. The BRCP of $159,800 per MW per year will be effective from 1 October 2018 to 1 October 2019.
RELATED DOCUMENTSFinal report
Final report: Maximum Reserve Capacity Price for the 2018-19 Capacity Year [1.0 MB]
MRCP calculation spreadsheet (final report version) [63 kB]
Draft report
Draft report: Maximum Reserve Capacity Price for the 2018-19 Capacity Year [1.1 MB]
MRCP calculation spreadsheet (draft report version) [63 kB]
Applicable documents
ERA decision on the 2018-19 Maximum Reserve Capacity Price Proposal [384 kB]
Jacobs - Review of the Maximum Reserve Capacity Price 2018/19 (dated 15 October 2015) [1.1 MB]
Jacobs response to public submission [22 kB]
Landgate - Land Values for the Maximum Reserve Capacity Price for 2016 (dated 8 September 2015) [266 kB]
PwC - Estimated debt risk premium using the ERA's "bond yield" methodology (dated 16 November 2015) [181 kB]
PwC - Estimated debt risk premium using the ERA's "bond yield" methodology (dated 9 October 2015) [167 kB]
WACC parameter calculation spreadsheet for the final report [18 kB]
WACC parameter calculation spreadsheet for the draft report [20 kB]
Submissions received during public consultation period
Synergy [473 kB]
Tesla Corporation [1.8 MB]
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2015 Benchmark Reserve Capacity Price (for 2017–18)
For the 2017–18 capacity year, the IMO proposed a final revised value for the maximum reserve capacity price of $164,800 per MW per year to the ERA.
This value was approved by the ERA on 30 January 2015 in accordance with clause 2.26 of the Market Rules. The benchmark reserve capacity price of $164,800 per MW per year will be effective from 1 October 2017 to 1 October 2018.
RELATED DOCUMENTSFinal report
Final report: Maximum Reserve Capacity Price review for the 2017-18 Capacity Year [787 kB]
MRCP calculation spreadsheet (final report version) [51 kB]
Draft report
Draft report: Maximum Reserve Capacity Price review for the 2017-18 Capacity Year [728 kB]
MRCP calculation spreadsheet (draft report version) [51 kB]
Applicable documents
ERA approval notice [1,539 kB]
Jacobs report - Review of the Maximum Reserve Capacity Price 2017-2018 (final dated 8 December 2014) [1,359 kB]
PwC report - Debt Risk Premium final report (dated 28 November 2014) [185 kB]
WACC parameter calculation spreadsheet for final report [20 kB]
Jacobs report - Review of the Maximum Reserve Capacity Price 2017-2018 (draft dated 7 October 2014) [1,366 kB]
PwC report - Debt Risk Premium draft report (dated 10 October 2014) [169 kB]
Landgate - Land values for Reserve Capacity Price [2,923 kB]
Western Power - Total Transmission Cost Estimate for the MRCP for 2017-18 [764 kB]
WACC parameter calculation spreadsheet for draft report [43 kB]
Submissions received during the consultation period
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2014 Benchmark Reserve Capacity Price (for 2016–17)
For the 2016-17 Capacity Year, the IMO proposed a final revised value for the Maximum Reserve Capacity Price of $176,800 per MW per year to the Economic Regulation Authority (ERA).
This value was approved by the ERA on 30 January 2014 in accordance with clause 2.26 of the Market Rules. The Maximum Reserve Capacity Price of $176,800 per MW per year will be effective from 1 October 2017 to 1 October 2018.
RELATED DOCUMENTSFinal report
Final Report: Maximum Reserve Capacity Price for the 2016/17 Capacity Year [786kB]
MRCP Calculation Spreadsheet (Final Report version) [53kB]
Draft report
Draft Report: Maximum Reserve Capacity Price Review for the 2016/17 Capacity Year [670kB]
MRCP Calculation Spreadsheet (Draft Report version) [51kB]
Applicable documents
ERA Approval Notice [293kB]
WACC parameter calculation spreadsheet (Final Report) [43kB]
SKM report - Review of Maximum Reserve Capacity Price 2014 (18 December 2013) [1.2MB]
PwC report - updated Debt Risk Premium (Final Report) [254kB]
SKM report - Review of Maximum Reserve Capacity Price 2014 (25 October 2013) [880kB]
PwC report - Debt Risk Premium (Draft Report) [155kB]
WACC parameter calculation spreadsheet (Draft Report) [34kB]
Landgate - Land Values for Reserve Capacity Price [3MB]
Western Power - Total Transmission Cost Estimate for the MRCP for 2016/17 [590kB]
Submissions received during the consultation period
Alinta Energy [2MB]
Community Electricity [68kB]
Merredin Energy [306kB]
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2013 Benchmark Reserve Capacity Price (for 2015–16)
For the 2015/16 Capacity Year, the IMO proposed a final revised value for the Maximum Reserve Capacity Price of $157,000 per MW per year to the ERA.
The ERA provided notification to the IMO on 29 January 2013 that it had approved this revised Maximum Reserve Capacity Price in accordance with clause 2.26.1 of the Market Rules.
The Maximum Reserve Capacity Price of $157,000 per MW per year will be effective from 1 October 2015 through to 1 October 2016.
RELATED DOCUMENTSFinal Report
Draft Report
Applicable Documents
ERA Approval Letter [188kB]
PwC report - Debt Risk Premium [160kB]
Western Power - Total Transmission Cost Estimate for the MRCP for 2015/16 (updated 23 Jan 2013)[1.2MB]
Minutes: Workshop 1 Nov 2012 [53kB]
Submissions received during the consultation period
Alinta Energy [3.6MB]
Community Electricity [43kB]
Merredin Energy [383kB]
Perth Energy [908kB]
Verve Energy [260kB]
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2012 Benchmark Reserve Capacity Price (for 2014–15)
For the 2014/15 Capacity Year, the IMO proposed a final revised value for the Maximum Reserve Capacity Price of $163,900 per MW per year to the ERA.
This value was approved by the ERA on 27 February 2012 in accordance with clause 2.26 of the Market Rules.
The Maximum Reserve Capacity Price of $163,900 per MW per year will be effective from 1 October 2014 through to 1 October 2015.
Copies of the relevant documents can be found below.
Final Report
Draft Report
Applicable Documents
ERA Approval Notice [300kB]
GHD - Review of Fixed Fuel Cost [698kB]
Documents related to stakeholder workshop - WACC (4 Jan 2012)
Submissions received during the consultation period
Alinta [3.9MB]
EnerNOC [1.8MB]
ERM Power [369kB]
Griffin Power [107kB]
Infratil Energy Australia [480kB]
Landfill Gas and Power [396kB]
Merredin Energy [486kB]
Perth Energy [247kB]
Tesla Corporation [875kB]
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2011 Benchmark Reserve Capacity Price (for 2013–14)
For the 2013/14 Capacity Year, the IMO proposed a final revised value for the Maximum Reserve Capacity Price of $240,600 per MW per year to the ERA. This value was approved by the ERA on 28 January 2011 in accordance with clause 2.26 of the Market Rules. The Maximum Reserve Capacity Price of $240,600 per MW per year will be effective from 1 October 2013 to 1 October 2014.
Copies of the various relevant documents can be found below.
Final Report
Draft Report
Applicable Documents
ERA Approval Notice [52kB]
MRCP Calculation Spreadsheet [110kB]
Landgate Land Costs [1.6MB]
GHD Fixed Fuel Costs [912kB]
The following submissions were received by the IMO during the consultation period:
Energy Response submission [55kB]
Tesla Corporation submission [475kB]
Perth Energy submission [1.1MB]
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2010 Benchmark Reserve Capacity Price (for 2012–13)
For the 2012/13 Capacity Year, the IMO proposed a final revised value for the Maximum Reserve Capacity Price of $238,500 per MW per year to the ERA. This value was approved by the ERA on 29 January 2010 in accordance with clause 2.26 of the Market Rules. The Maximum Reserve Capacity Price of $238,500 per MW per year will be effective from 1 October 2012 to 1 October 2013.Copies of the various relevant documents can be found below.
Final Report
Draft Report
Applicable Documents
ERA Approval Notice [214kB]
GHD Fixed Fuel Costs [736kB]
Landgate Land Costs [1.6MB]
The following submissions were received by the IMO:
Alinta Submission [1.8MB]
Griffin Energy Submission [58kB]
Perth Energy Submission [3.2MB]
Synergy Submission [1.2MB]
Tesla Corporation Submission [159kB]
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2009 Benchmark Reserve Capacity Price (for 2011–12)
For the 2011/12 Capacity Year, the IMO proposed a final revised value for the Maximum Reserve Capacity Price of $164,100 per MW per year to the ERA. This value was approved by the ERA on 19 January 2009 in accordance with clause 2.26 of the Market Rules. The Maximum Reserve Capacity Price of $164,100.00 per MW per year will be effective from 1 October 2011 to 1 October 2012.Copies of the various relevant documents can be found below.
Final Report
Draft Report
Applicable Documents
ERA Approval Notice [212kB]
Landgate Market assessment for hypothetical land sites suitable for the development of a power plant [188kB]
The following submissions were received by the IMO:
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2008 Benchmark Reserve Capacity Price (for 2010–11)
For the 2010/11 Capacity Year, the IMO proposed a final revised value for the Maximum Reserve Capacity Price of $173,400.00 per MW per year to the ERA. This value was approved by the ERA on 15 January 2007 in accordance with clause 2.26 of the Market Rules. The Maximum Reserve Capacity Price of $173,400.00 per MW per year is effective from 1 October 2010 to 1 October 2011.Copies of the various relevant documents can be found below.
Final Report
Draft Report
Applicable Documents
ERA Approval Notice [48kB]
The following submissions were received by the IMO:
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2007 Benchmark Reserve Capacity Price (for 2009–10)
For the 2009/10 Capacity Year, the IMO proposed a final revised value for the Maximum Reserve Capacity Price of $142,200 per MW per year to the ERA. This value was approved by the ERA on 30 January 2007 in accordance with clause 2.26 of the Market Rules. The Maximum Reserve Capacity Price of $142,200 per MW per year was effective from 1 October 2009 to 1 October 2010.
Copies of the various relevant documents can be found below.Final Report
Draft Report
Applicable Documents
ERA Approval Notice [56kB]
The following submissions were received by the IMO:
Submission from Alinta Sales [195kB]
Submission from Eneabba Gas [180kB]
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2006 Benchmark Reserve Capacity Price (for 2008–09)
In 2005/06, the IMO completed a review of the Maximum Reserve Capacity Price for the period between 1 October 2008 and 1 October 2009. Following the review process and public consultation, a final revised Maximum Reserve Capacity Price of $122,500 per MW per year was proposed to the Economic Regulation Authority. This value was accepted by the ERA on 23 January 2006.
Copies of the various relevant documents can be found below.
Final Report
Draft Report
Applicable Documents
ERA Approval [43kB]
Changes to the Reserve Capacity Pricing Mechanism
On 18 August 2006, the Minister for Energy approved a change to the Market Rules whereby the Reserve Capacity Price will be reduced in proportion to any excess of credits acquired by the IMO. This applies from 1 October 2008. Details of the change can be found below.