Australian electricity and gas markets - February 2022 update
04 March 2022
What you need to do:
Stakeholders should note the new rules and reports published below, and note the deadlines for making submissions.
There have been a number of very significant developments and we have published detailed articles on them – the links to our articles are included in the information below.
National Electricity Rules
On 24 February 2022, the AEMC published the self-initiated Minor changes 1 2022 rule change proposal. The rule change proposal is initiated to correct minor errors and make non-material changes to the National Electricity Rules. Submissions on the rule change proposal close on 24 March 2022. More information on the rule change proposal can be accessed here.
National Energy Retail Rules
No AEMC consultation papers or determinations relevant to the NERR were published.
National Gas Rules
On 24 February 2022, the AEMC published the self-initiated Minor changes 1 2022 rule change proposal. The rule change proposal is initiated to correct minor errors and make non-material changes to the National Gas Rules. Submissions on the rule change proposal close on 24 March 2022. More information on the rule change proposal can be accessed here.
Other updates
On 7 February 2022, AEMO Services released draft Long-Term Energy Service Agreements (LTESAs) and Project Development Agreement term sheets for generation and long-duration storage projects. LTESAs are designed to provide long term revenue certainty for investors and developers of clean energy projects in NSW. More information on the term sheets can be accessed here.
To understand how LTESAs operate alongside the proposed access rights regime for the Central-West Orana REZ see our recent energy alert here.
On 23 February 2022, the AER published a guidance note on Submitting wholesale energy self-reports to the AER. The guidance note outlines a more standardised self-reporting process to help wholesale energy market participants effectively identify and self-report any potential breaches. More information on the guidance note can be accessed here.
On 24 February 2022, the AEMC published the 2022-2023 market price cap. More information on the 2022-2023 market price cap can be accessed here.
Click here to see our latest Energy Alerts, as part of our Energy Alert Series.
Authers: Paul Newman, Partner; Andre Dauwalder, Senior Associate ; Nicholas Berrey, Graduate.
