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Committed to an Integrated Energy Future

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Committed to an Integrated Energy Future COMMITTED TO AN INTEGRATED ENERGY FUTURE ANNUAL REPORT 2012 The Australian Energy Market Operator (AEMO) plays a pivotal role in delivering Australia’s energy supply. We support OUR VISION the energy sector in providing the Our vision is to be pivotal to markets that secure integrated, secure and cost-effective Australia’s energy needs. electricity and gas supplies fundamental to Australia’s continued prosperity. AEMO is facilitating an integrated energy future for Australia. To meet the challenge, AEMO is adapting to the changes taking place in our energy OUR MISSION supply system by staying relevant, Our mission is to plan, providing value and performing with develop and operate markets vision, dynamism and commitment. that are responsive to energy sector needs and support long-term investment in Australia. CONTENTS 02 Chairman’s Report WE VALUE 03 Chief Executive Offi cer’s Report Every Voice 04 Who AEMO Is and What AEMO Does AEMO is engaged 06 AEMO Organisational Structure and Members and receptive. We listen openly and respectfully. 08 Board of Directors Our Stakeholders 10 Fast Facts AEMO is stakeholder-focused 11 Strategic Driver 1: External Stakeholders and responsive. We are committed to delivering 12 Strategic Driver 2: People on the expectations of our stakeholders. 13 Strategic Driver 3: Markets One Team 14 Strategic Driver 4: Commercial Management AEMO is united and coherent. 15 Strategic Driver 5: Productivity We work collaboratively and speak as one. 16 Towards an Integrated Energy Future Commitment and Delivery 18 AEMO’s Value Proposition AEMO’s people are dedicated 20 Corporate Governance and accountable. We are motivated to perform 28 Directors’ Report at our best. 66 Abbreviations 67 Directory AEMO IS… LISTENING UNDERSTANDING RESPONDING COMMUNICATING AEMO IS ADAPTING TO AUSTRALIA’S CHANGING ENERGY SYSTEM AEMO ANNUAL REPORT 2012 01 The past 12 months have seen the public and media profi le of Australia’s CHAIRMAN’S energy industry increase substantially. REPORT The energy industry is adapting to The way forward signifi cant change, such as the move to a low carbon economy – for which AEMO is playing an important expert advisory role – and a fundamental shift in consumer behaviour. Consumers are adopting energy effi ciency measures and installing solar rooftop services we provide to stakeholders, Mr Orr has extensive senior photovoltaic (PV) units in response to to improve their productivity, management experience in the rising electricity prices, while broader transparency and effi ciency. energy industry and brings to the community concern about prices is AEMO Board detailed knowledge at the core of debate surrounding In 2012-13 we will further AEMO’s of the electricity wholesale spot network costs and investment. objective to play a more active role in and fi nancial markets and a working planning and decision making around To help better assess these changes, understanding of gas markets. transmission services. To this end, for the fi rst time in 2012 AEMO AEMO is working with the Australian As we look ahead to further reinforcing developed an independent and Energy Market Commission (AEMC) our central role in the energy sector, consistent set of electricity forecasts and the Standing Council on Energy the Board and I would like to thank for each region of the National and Resources (SCER) as they AEMO’s members and stakeholders Electricity Market (NEM). progress important energy market for their input and contribution. With The National Electricity Forecasting reform initiatives relating to merits their support AEMO will continue Report (NEFR) revealed a paradigm review and transmission frameworks. to build upon its vision. shift across the energy sector, The successful conclusion of these I would also like to thank Mr Matt with fundamental changes to the reviews will help to ensure effi cient Zema for his ongoing commitment investment profi le of Australia’s and timely investment in and operation and foresight, as well as all AEMO electricity generation fl eet. Driven of generation and network assets. employees for their motivation and by the Large-scale Renewable Energy Over the next 12 months we will also hard work. Over the past year, their Target (LRET), together with a move continue our focus on a transparent dedication has underpinned AEMO’s to demand side generation plant and open dialogue with the energy capability in delivering a high in solar PV, the years ahead will see sector on our value and fees. We will standard of market oversight that further continued growth in renewable demonstrate this by communicating continues to meet the expectations energy, particularly wind. more effectively with stakeholders of our stakeholders. AEMO is ready to respond to these and delivering against transparent We look forward to another exciting new developments on the economic, and measurable initiatives. and fulfi lling year, and continued operational and policy fronts as we The Commonwealth’s establishment industry and government engagement embark on the next phase of the of statutory bodies the Clean Energy as part of our commitment to an industry’s evolution. The past year has Regulator and Climate Change integrated energy future. already set the stage with a number Authority – created to oversee of successes, including the launch of Australia’s transition to a low carbon the gas Short-Term Trading Market economy – are additional stakeholders (STTM), that has helped prepare the with which AEMO is forging close organisation and the broader industry working relationships. for the challenges ahead. To manage the challenges that lie The 2012-13 value proposition ahead AEMO will continue to rely on Dr Thomas Parry AM for AEMO includes working closely strong leadership. The AEMO Board Chairman with industry to align regional has demonstrated its willingness and connection point – or terminal to lead in times of change and I am station – electricity forecasts, pleased to welcome Mr Stephen Orr providing a consistent basis for to the Board, replacing foundation investment across the NEM, and director Ms Karen Moses. On behalf consolidating publications to of all AEMO Board members, I thank improve the focus and value of our Ms Moses for her outstanding analysis. AEMO is also streamlining contribution and commitment since our industry working groups and AEMO was formed, and wish her processes, as well as the products and well for the future. 02 DELIVERING AUSTRALIA’S INTEGRATED ENERGY FUTURE CHIEF EXECUTIVE OFFICER’S REPORT The year in review AEMO’s role as Australia’s energy delivering better value to generators From 2009 to 2012 AEMO’s focus market operator and planner has and energy consumers. was on transitioning its role from a patchwork of disparate market-focused evolved. AEMO has moved on from AEMO progressed integration of the organisations to a national operator. integrating and transitioning our jurisdictional gas retail markets in This year’s restructure, which reduced business to be ready for the future, 2011-12, including the consolidation the number of business units from 10 to while continuing to provide value of development mechanisms and six, positions AEMO for the next phase: to members and stakeholders. preparation for the implementation becoming pivotal to energy markets. AEMO’s strategic direction for the of the National Energy Customer future development of effi cient energy Framework (NECF). Development AEMO’s annual defi cit for 2011-12 was $18.7 million, which predominantly markets is central to our work, as of a strategy to consolidate AEMO’s relates to lower revenue in the Victorian is the continuing need for ongoing gas retail market IT systems has also commenced. TNSP function as a result of lower than market reform. AEMO has identifi ed expected maximum demand during opportunities to support the continued There have been advances in gas summer. AEMO ‘ring-fences’ the fees growth and evolution of its role in market development, with improved and costs for each of its functions Australia’s energy markets through information transparency, convergence to ensure any defi cits or surpluses the national transmission planner in specifi c areas of market design and are recovered or returned to the and market integrator and in energy improvements to liquidity, competition relevant function. information hub and clearing services. and trade across markets. A highlight in 2011-12 was the confi rmation of AEMO also continued to focus on A highlight during the year was AEMO’s SCER support for the continued identifying effi ciencies in its cost implementation of a nationally development of a gas supply hub base to minimise the impact that the consistent and independent electricity at Wallumbilla in Queensland. demand reduction would have on forecasting model. AEMO launched stakeholder fees. AEMO was able the ground-breaking NEFR in June 2012, Further developments have included to negotiate signifi cant sustainable which for the fi rst time provides more the launch of the gas STTM at the reductions in insurance and fi nancing meaningful and timely forecasting Brisbane hub late in 2011 and the costs in 2011-12. information, with reports being released Victorian Connections Initiative which more frequently in response to changing reached fruition in the last year. AEMO AEMO’s Workplace Health, Safety and conditions within the energy industry. emphasised its ongoing stakeholder Environment (WHSE) initiative continues engagement in this initiative. to ensure AEMO people enjoy a safe, A major change is in how consumers
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