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ANNUAL REPORT 2017-2018 Australian Energy Market Commission Level 6, 201 Elizabeth Street Sydney NSW 2000

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ANNUAL REPORT 2017-2018 Australian Energy Market Commission Level 6, 201 Elizabeth Street Sydney NSW 2000 Australian Energy Market Commission ANNUAL REPORT 2017-2018 Australian Energy Market Commission Level 6, 201 Elizabeth Street Sydney NSW 2000 30 September 2018 The Hon Dan van Holst Pellekaan MP Minister for Energy and Mining GPO Box 974 Adelaide SA 5001 Dear Minister Australian Energy Market Commission annual report 2017-2018 I am pleased to present the Australian Energy Market Commission 2017-2018 annual report. This report is prepared in accordance with Section 27 of the Australian Energy Market Commission Establishment Act 2004 (SA). John Pierce CHAIRMAN Contents 48 ORGANISATION Reports on our commitment to stakeholder engagement and our people as well as internal management systems, governance including audit and risk assessment and the role of Commissioners and the 4 EXECUTIVE REPORT executive team. Includes the performance 50 Our stakeholders summary, Chairman’s message 54 Our people and Chief Executive’s message, 57 Governance and how energy markets are 24 WORK PROGRAM governed. Reports on the output of our 62 FINKEL ACTION 4 How energy markets are work program, detailing the rule governed making process and reviews Our action to implement the undertaken during the year as 6 Performance summary recommendations of the well as our strategic priorities. independent review into the future 8 Chairman and Chief Executive Explains our core business and message security of the national electricity activities of the Reliability Panel. market. 14 OVERVIEW 26 Overview of our work program 27 Rules and reviews 70 RULES AND REVIEWS Who we are, what we do, our leadership and how we work 30 Managing rule making Index providing summaries of all timeframes work undertaken this year. 16 What we do 31 Reviews and advice 18 Guiding principles 32 Reliability 102 19 Organisation chart FINANCIAL 33 Reliability frameworks review PERFORMANCE 20 AEMC Commissioners 34 Security Provides audited financial 22 AEMC executive leadership team 36 Frequency control frameworks review statements for the AEMC. 37 Fast and flexible energy 38 More affordable energy and 130 STATUTORY REPORTS consumer protection Under section 27 of the Australian 40 Making it easier to buy Energy Market Commission and sell gas Establishment Regulations 2005 42 Reliability Panel we must include specific reports 44 Panel members at which are provided here together 30 June 2018 with a compliance index. 46 Reliability panel meetings 2017-2018 AEMC ANNUAL REPORT 2017-2018 | 1 References FIGURES Figure 1 How energy markets are governed 4 Figure 2 Rule changes, reviews and advice started 6 and completed Figure 3 Categories for completed electricity, gas 6 and retail rule changes Figure 4 Rule changes initiated within four months 6 Figure 5 Projects completed and underway 6 Figure 6 Project landscape 2017-2018 12 TABLES Figure 7 Organisation chart as at 30 June 2018 19 Table 1 Rule change request proponents 29 Figure 8 Rule changes requested, initiated and 28 Table 2 Reliability Panel members and meetings 46 completed Table 3 Statement of intent key performance 58 Figure 9 Rule changes initiated within four months 28 indicators Figure 10 Managing rule making timeframes 30 Table 4 Commission statutory and governance 60 Figure 11 System security market frameworks 35 meetings 2017-2018 review Table 5 Commission audit and risk management 61 Figure 12 The generation mix is changing 43 committee membership and meetings 2017-2018 Figure 13 Submissions received from stakeholders 50 Table 6 Implementing the Finkel review 64 Figure 14 Overall ratings of AEMC approach to 51 Table A Electricity rules made by the AEMC in consultation 72 2017-2018 Figure 15 Stakeholder presentations and meetings 52 Table B Determinations to not make a rule in 79 Figure 16 Formal stakeholder forums and workshops 53 response to an electricity rule request Figure 17 Employees by role 54 Table C Electricity rules under consideration 80 Figure 18 Employees by age 54 at 30 June 2018 Figure 19 Employees by status 55 Table D Gas rules made by the AEMC in 85 2017-2018 Figure 20 Employees by gender 55 Table E Gas rules under consideration at 86 Figure 21 Executive leadership team by gender 56 30 June 2018 Figure 22 Commissioners by gender 56 Table F Retail rules made by the AEMC 86 Figure 23 Staff turnover 56 in 2017-2018 Table G Retail rules under consideration 88 at 30 June 2018 Table H Market reviews and advice summary table 89 Table I Market reviews and advice completed 91 Table J Market reviews and advice current 97 at 30 June 2018 2 | AEMC ANNUAL REPORT 2017-2018 References For consumers We were established by the Council of Australian Governments to meet objectives enshrined in law which require us to focus on the delivery of secure, reliable energy at the best price for consumers. We pursue energy market development that puts consumers first and resists pressure for measures that may impose greater costs on families and businesses. As independent adviser to the nation’s energy ministers we take the long view on how to drive prices as low as possible because consumers need affordability as well as security and reliability. AEMC ANNUAL REPORT 2017-2018 | 3 How energy markets are governed The COAG Energy Council is made up of the nation’s energy Australian Energy ministers. They provide Market Commission national leadership Rule maker, market on energy market developer and expert development which is COAG adviser to governments so important for the Energy Council Protects consumers and health of the national achieves the right trade-off economy. between cost, reliability and security. AEMC Projects THE COAG NERGY COUNC E IL M A A U R S T D K R Y E R A G A T R L O C E I B O A N M N E Y T M E E I N H R I S E T U R S C I G E O Y S N ESB Y E G N A E U R R The Energy R E O S N T rules and reviews were undertaken this G T E A Y RA N R Security Board R LI IA E 78 E A L P + G N RA O year above and beyond work to support UL UST ET was established by the AT A RK OR MA COAG Energy Council to the Energy Security Board coordinate implementation of recommendations from the Independent Review into the Future Security of the National Electricity Market (Finkel Review). AEMO AER Australian Energy Market Operator Australian Electricity and gas Energy Regulator systems and market Economic regulation operator and rules compliance Works with industry Polices the system to keep the lights on. and monitors the market. 4 | AEMC ANNUAL REPORT 2017-2018 The COAG Energy Council is made up of the nation’s energy Australian Energy ministers. They provide Market Commission national leadership Rule maker, market on energy market developer and expert development which is COAG adviser to governments so important for the Energy Council Protects consumers and health of the national achieves the right trade-off economy. between cost, reliability and security. AEMC Projects THE COAG NERGY COUNC E IL M A A U R S T D K R Y E R A G A T R L O C E I B O A N M N E Y T M E E I N H R I S E T U R S C I G E O Y S N ESB Y E G N A E U R R The Energy R E O S N T rules and reviews were undertaken this G T E A Y RA N R Security Board R LI IA E 78 E A L P + G N RA O year above and beyond work to support UL UST ET was established by the AT A RK OR MA COAG Energy Council to the Energy Security Board coordinate implementation of recommendations from the Independent Review into the Future Security of the National Electricity Market (Finkel Review). AEMO AER Australian Energy Market Operator Australian Electricity and gas Energy Regulator systems and market Economic regulation operator and rules compliance Works with industry Polices the system to keep the lights on. and monitors the market. AEMC ANNUAL REPORT 2017-2018 | 5 Performance summary Rule changes, reviews, and advice started and completed 94 38 972 37 employees 17 leadership group forums and formal stakeholder meetings 33 workshops 20 2016-17 2017-18 10 78 21 projects AEMC by gender 19 15 798 Working faster – categories for completed submissions electricity and gas rule changes 35 Rule changes initiated Rule changes completed 30 Reviews and advice started Reviews and advice completed 25 55% 45% female male 20 Projects completed and underway 15 2493 78 statements submitted 10 80 by Solar Citizens in relation to the 5 distribution market model project 70 67 0 2015-16 2016-17 2017-18 59 Expedited Fast tracked Standard 60 Annual expenditure within budget Actual expenses (target+/-5%) Starting rules faster after stakeholders 50 send us requests 35 40 35 30 30 30 1% 25 30 depreciation 18 18 20 % 14 20 37 15 16 supplies and % 10 % 62 10 0.2 services employee 5 3 benefits expense 0 0 2014-15 2015-16 2016-17 2017-18 2015-16 2016-17 2017-18 All requests Initiated within four months Projects 6 | AEMC ANNUAL REPORT 2017-2018 Rule changes, reviews, and advice started and completed 94 38 972 37 employees 17 leadership group forums and formal stakeholder meetings 33 workshops 20 2016-17 2017-18 10 78 21 projects AEMC by gender 19 15 798 Working faster – categories for completed submissions electricity and gas rule changes 35 Rule changes initiated Rule changes completed 30 Reviews and advice started Reviews and advice completed 25 55% 45% female male 20 Projects completed and underway 15 2493 78 statements submitted 10 80 by Solar Citizens in relation to the 5 distribution market model project 70 67 0 2015-16 2016-17 2017-18 59 Expedited Fast tracked Standard 60 Annual expenditure within budget Actual expenses (target+/-5%) Starting rules faster after stakeholders 50 send us requests 35 40 35 30 30 30 1% 25 30 depreciation 18 18 20 % 14 20 37 15 16 supplies and % 10 % 62 10 0.2 services employee 5 3 benefits expense 0 0 2014-15 2015-16 2016-17 2017-18 2015-16 2016-17 2017-18 All requests Initiated within four months Projects AEMC ANNUAL REPORT 2017-2018 | 7 Chairman and Chief Executive message JOHN PIERCE AND ANNE PEARSON Considering all ideas on their merits The AEMC’s focus for much of this year has been on fundamental changes to the energy market, such as the decision to move to five minute settlement, and the nuts and bolts progressive rule changes required to keep the power system secure and regulatory frameworks up to date.
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