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AEMO Annual Report Annual Report 2019–2020 Australian Energy Market Operator Limited ABN 94 072 010 327 www.aemo.com.au 02 38,055 MW Record NEM underlying demand reached. AEMO Annual Report 2019-2020 AEMO Annual Widespread and prolonged bushres across multiple 3 states, damaging 1 critical energy 4 1 infrastructure and power system operations. 2 SA ‘islanded’ after cyclonic winds bring down the Heywood Resilience of the 2 interconnection. NEM challenged Heatwave conditions across SA, VIC, NSW The inside cover captures how In addition, a severe convective wind downburst felled six transmission towers in south-west Victoria, separating the and TAS. the resilience of the National Mortlake Power Station, the Portland aluminium smelter, and 3 Electricity Market (NEM) was South Australia from the rest of the NEM for a 17-day period. severely tested on 31 January AEMO’s people, collaborating with many in the industry, averted the risk of system collapse and devised a unique 2020, one of many challenging solution to reconfigure the available transmission network Lack of Reserve to enable electricity supply to the smelter from the days during the 2019-20 summer. Mortlake Power Station, while maintaining stable power (LOR) conditions in system operation in South Australia. Widespread bushfires threatened critical energy NSW and VIC, infrastructure, specifically on the Victoria to New South requiring RERT Wales border, while heatwave conditions led to record (reserve) activations electricity demand levels requiring reserve activations in 4 both states. in both states. 38,055 MW Contents 03 Record NEM underlying demand reached. About AEMO 04 Chairman’s Message 05 A message from AEMO’s AEMO Annual Report 2019-2020 AEMO Annual Widespread and Managing Director and CEO 06 prolonged bushres AEMO Executive Leadership Team 10 across multiple 3 states, damaging Reliable, secure and efficient 1 critical energy system operations 14 4 1 infrastructure and Future system design 16 power system operations. Consumer engagement and access 19 Adaptive markets and regulations 22 2 Digital and data 24 SA ‘islanded’ after People, culture and capabilities 26 cyclonic winds Corporate Governance Report 28 bring down the Heywood AEMO Board 30 2 interconnection. Board Committee focus areas 32 AEMO members 35 Financial Statements 36 Heatwave conditions across SA, VIC, NSW and TAS. 3 Lack of Reserve (LOR) conditions in NSW and VIC, requiring RERT 4 (reserve) activations in both states. 04 About AEMO Our Values AEMO is the independent system Our values, along with and market operator and planner for our mission and vision are AEMO Annual Report 2019-2020 AEMO Annual the National Energy Market (NEM), what makes us AEMO and the West Australian Wholesale are evidenced through Electricity Market (WEM), wholesale the behaviours that we and retail gas markets and supply emulate in our interactions hubs, and gas systems. with stakeholders and among ourselves. Our role is to pursue the national electricity, gas and energy retail objectives of “promoting efficient investment in … operation and Inclusive use of electricity and natural gas services for the long-term interests of consumers … with respect to price, quality, safety, reliability and Strength through diversity security of supply”. and collaboration ■ We encourage and respect a diversity For the NEM, these functions are prescribed in the National of views Electricity Law and National Gas Law; in turn, the National Electricity ■ We value learning and collaboration Rules and National Gas Rules provide the regulatory framework, ■ We celebrate everyone’s contribution procedures and processes for the electricity and gas markets. AEMO is a not-for-profit organisation partly owned by federal Integrity and state governments, along with our members made up Courage to share knowledge of generation, distribution, retail and resources businesses and be evidence-based across Australia. ■ We share knowledge and value candour AEMO operates within a broader energy market governance ■ We stand up for what we know is true structure, alongside the Australian Energy Market Commission ■ We deliver on our commitments (AEMC) and the Australian Energy Regulator (AER). Empowered The organisation also works closely with our members and a range of important energy industry stakeholders on issues of future Accountable and system security and design. supported to achieve ■ We take accountability as individuals AEMO collaborates with, and undertakes work at the request of, and work as a team individual jurisdictions, the Council of Australian Governments ■ We make the most of our collective (COAG) Energy Council, AEMC, AER, and Western Australia’s expertise Public Utilities Office (PUO) and Economic Regulation Authority We actively encourage innovation (ERA). AEMO’s CEO and Managing Director is also a member of the ■ Energy Security Board (ESB). Excellence In addition, we work in close partnership with major national Passion to learn, agencies such as the CSIRO, the Australian Renewable Energy grow and perform Agency (ARENA) and the Bureau of Meteorology (BOM) as well as international counterparts so we continue to discover how best to ■ We are persistent in the face of challenge help assure that the technology transition occurring in the energy ■ We value learning as much as knowledge sector benefits Australian consumers. ■ We strive to deliver the highest standard Chairman’s 05 Message AEMO Annual Report 2019-2020 AEMO Annual As set out in this Annual ■ Regulatory and market reforms in both Western Australia and the NEM, working collaboratively with energy market Report, AEMO delivered on bodies, the ESB, industry participants and consumer representatives to facilitate future system security and corporate priorities during support optimum consumer outcomes. FY20 and achieved our primary ■ Digital transformation, replacing legacy information technology systems with modern, cost-efficient digital objectives despite the challenges platforms that reduce long-term operating costs for of a severe summer and the AEMO and the industry, while enabling consumer value COVID-19 pandemic. and choice through access to data and new services. AEMO’s non-executive Directors thank the Managing Director and CEO, Ms Audrey Zibelman, and the This included meeting all operational energy system organisation’s executive leaders for their efforts, security and reliability requirements, our prudential and achievements and management of all AEMO staff, who play reporting obligations, and budget and other performance a vital role in supporting Australia’s energy future. indicators as set out in our 2019-20 Corporate Plan. Audrey has advised the Board that she is resigning in Supporting the achievement of these objectives were December 2020. She has been an outstanding leader the ongoing efforts of the Board and management to through a time of significant change and has made a major uplift AEMO’s transparency and stakeholder engagement contribution to the Australian energy transition. We wish practices. These efforts, and a focus on our costs, will Audrey every success in her new global energy role. be a continuing priority in FY21. Our major operational challenges in FY21 include connection of new generation Two long-serving independent non-executive Directors to the transmission system and managing daytime are also retiring in 2020, Ms Sibylle Krieger and Mr Jon minimum demand. Hubbard. Sibylle and Jon have played critical roles in the governance of AEMO, including as Chairs of the People In parallel to overcoming the many operational challenges and Remuneration Committee and of the Risk and Audit which threatened the resilience of the power system – Committee. I thank them both for their support, advice and captured in detail in this report – AEMO progressed several exemplary service. strategic initiatives in FY20 including: I look forward to another year working with the AEMO ■ System planning, with publication of the Renewable Board and management as we help to shape a better energy Integration Study Stage 1 and the second Integrated future for all Australians. System Plan, outlining an optimal development roadmap for the National Electricity Market and what will be needed to maintain system security with a high share of renewable resources. Drew Clarke 06 A message from AEMO’s Managing Director and CEO I am likely joining many others around the world when I say that the two phrases I hope we can retire in 2021 are, “this is unprecedented” AEMO Annual Report 2019-2020 AEMO Annual and “you are on mute”. This was a year full of challenges for AEMO employees and the industry. Looking back, I am proud of the resiliency, ingenuity, commitment to consumers and performance excellence of AEMO and our colleagues in the industry, whose efforts helped us get through the year so well. Resiliency Ingenuity The extreme heat and bushfires that dominated the 2019-20 The transition from hundreds of centralised generation summer provided first-hand evidence of the importance of units to millions of decentralised inverter-based generators collaboration, training and investment in our energy and is challenging the physics of the traditional power system, information systems to ensure they manage successfully along with incumbent markets and regulations. through unparalleled climate challenges. In the last 12 months, AEMO and the network service The preparatory work and summer-long collaboration providers (NSPs) registered and commissioned of AEMO employees with industry and governments were 27 projects
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