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AEMO Annual Report 2018 Leading the Transformation

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AEMO Annual Report 2018 Leading the Transformation AEMO Annual Report 2018 Leading the transformation Australian Energy Market Operator Limited ABN 94 072 010 327 www.aemo.com.au Contents The changing The changing energy landscape 2 Performance overview 2017/18 4 A message from AEMO’s Chairman 5 energy A message from AEMO’s CEO 6 Our Executive Leadership Team 8 landscape Security and Reliability 12 Delivering independent analysis and industry insights 18 The energy sector in Australia Markets 20 is undergoing unprecedented Technology, data and cyber security 23 transformation in rate, scale and The growth of Distributed Energy Resources 24 scope. The core disruptors changing Strategic Partnerships 26 the way we manage Australia’s Demonstrations 27 gas and electricity systems are highlighted below. Member and stakeholder relations 28 People and Capability 32 What remain unchanged are the physics and Workplace Health, Safety, our focus on our fundamental obligations: and Environment (WHSE) 34 • Energy is an essential service and access must Corporate governance 36 be available universally at an affordable price. Board committees 38 • AEMO must identify and pursue solutions that allow the changing energy industries to Board committee focus areas 40 provide value to Australian consumers now AEMO members 43 and into the future. • As the independent system operator and Financial Statements 44 market administrator, AEMO is technology and ownership neutral. Our obligation is to facilitate the industry transition to support innovative and competitive alternatives that supply greatest value and improved outcomes for Australian consumers. AEMO has identified eight key disruptors that are changing the way we manage Australia’s gas and electricity systems, and we are addressing these disruptors through many projects described in this report. 2 AEMO Annual Report 2018 Demand growth Economic growth and population growth no longer result in changes in the overall need for power from the grid, due to counterbalancing impacts of distributed energy at consumers’ locations. For the power system to provide consumer value, a transition plan that supports delivery of reliable power at the lowest cost is essential. Supply sources The advent and decreasing 1 8 cost of new renewable and storage technologies are increasing the diversity of supply sources across Australia. Consumer The convergence of preferences 2 7 gas and electricity The growth of The increasing rooftop PV and interconnectedness home storage of Australia’s gas and technologies electricity systems have changed requires planning the way consumers and operation are interacting of both systems and using our in a manner that energy systems. optimises outcomes for consumers of 3 ENERGY INDUSTRY 6 both products. Weather and Ageing climate change infrastructure The effects of Large coal-fired climate change generation plants are increasing are reaching the volatility the end of their and intensity of operational extreme weather life-cycle. events. This is also increasing the need for 4 5 precise supply and demand forecasts Cyber security as more weather- Cyberthreats are related generation changing the way we resources need to protect our penetrate operating systems and the system. information systems. New service models The increasing number of market technologies and amount of consumer data have created new ways for energy to be distributed and settled in the market. AEMO Annual Report 2018 3 Performance overview – 2017/18 AEMO is the independent system and market operator, with the primary responsibility of managing and maintaining energy system security for all Australians. AEMO is responsible for managing Managing a secure Investing in a combined 48,000 kilometres of and reliable network our people electricity transmission infrastructure AEMO’s 2017/18 Operational Plan AEMO has heavily invested in our in both the National Electricity met the reliability standard (less most important asset – our people – Market (NEM) and the South West than 0.002% unserved energy) for in the last financial year. In 2017/18, Interconnected System (SWIS) in electricity. As a result of focused employee satisfaction tracked Western Australia. We also operate planning and coordination with at 70% and our Work, Health, 2,000 kilometres of high pressure gas industry and governments, AEMO’s Safety and Environment scorecard transmission infrastructure as part of summer readiness plan allowed us met all obligations. the Victorian Declared Transmission to secure reliable operations of the System, as well as the Victorian system during the second hottest Declared Wholesale Gas Market, the Technology and summer on record. Wallumbilla gas supply hub, Short cyber security Term Trading Market hubs in Adelaide, Similarly, the gas systems were The reliable and consistent operation Sydney and Brisbane, and Retail Gas operated reliability and safely, even of our IT systems is critical to the Markets in all states. whilst we recorded the second highest energy industry. AEMO’s electricity, ever demand in Victoria of 1,277 gas, and Western Australia systems In Financial Year 2017/18, AEMO terajoules on 3 August 2017. exceeded their targets and delivered met all of our performance goals system availability at 99.994%, and delivered on our commitment 99.986%, and 99.975% respectively. to deliver safe, reliable and efficient Managing an energy to all Australians: efficient market AEMO is leading the development It is AEMO’s role to operate markets of an industry wide cyber-security and systems effectively and efficiently framework, which will deploy to deliver value and improved international benchmarks to ensure outcomes to consumers. AEMO’s a cyber secure sector. We launched settlements statements were issued this effort during the fiscal year and settled 99.98% of the time. with a focused effort on industry All prudential requirements were wide assessments and programs for managed with $500,000 materiality continuous improvement. and all rule changes to date have been implemented within Governance regulatory timeframes. Governance is a priority for AEMO and we have robust processes in place for declarations of interest and management of any perceived, potential and/or actual conflicts of interest. There were no major breaches of any of AEMO’s statutory obligations in 2017/18. 4 AEMO Annual Report 2018 A message from AEMO’s Chairman and non-independent Directors who and Executive team have invested bring multiple perspectives and much time and effort over the last current industry understanding and year in addressing risk, in timeframes experience to AEMO. from seconds to decades, and in developing our corporate strategy Coming from a public policy and plans. We will be publishing more background, I was well aware that the information on this during 2018/19. years ahead would be demanding. However, while the disruption currently One of the joys of this role is engaging occurring in the energy sector is with AEMO staff – seeing the levels profound, the fundamentals remain of passion and expertise that constant. AEMO has a central role they bring to their jobs, and their in meeting the National Electricity determination to deliver great and Gas Objectives – based on the outcomes for Australian energy I was both honoured long-term interests of consumers consumers. No-one exemplifies this with respect to energy price, safety, more than our Managing Director and and excited to accept reliability, and security. These CEO, Audrey Zibelman, and I thank the position of Chairman objectives must continue to be met her for her leadership and support. while the sector transforms to a low One of the few things we can be at AEMO in November emissions future, in the context of certain about is that the transformation energy as an essential service. This 2017, as I believe the of energy systems and markets is dynamic is often described as the not finished. Technology, policy, independent market and energy trilemma – simultaneously markets, and consumer preferences addressing price, reliability/security, power system operator will continue to disrupt, creating both and environmental policy objectives. must play a critical role challenges and opportunities. But I And AEMO is not alone in its quest have always been optimistic about in navigating Australia’s to meet these objectives. In my first Australia’s energy future, and I am energy future. year as AEMO’s Chairman, I have met delighted to see how well-placed with all jurisdictional energy ministers AEMO is to play its critical part. and the Chairs of the other market I have been working in energy bodies, leaders from AEMO’s industry policy since 2003, and was keen to membership, and many energy continue in the sector at the cutting consumers, and it is clear that their edge of power system engineering, concerns are no different to ours. technology, and markets, and I thank Priorities differ, but the fundamentals Drew Clarke all AEMO members for their support. are consistent. I would like also to thank my It has become a truism in the energy predecessor, Dr Tony Marxsen, sector to say that the last year has for his outstanding contribution to been ‘challenging’ – and I don’t Australia’s energy sector. I can see expect that will quickly change. But from the legacy he has left behind, the last year has also seen a greater and from the colleagues who had the focus on corporate governance in pleasure to work beside him, that he Australia, and the AEMO Board is will be sorely missed at AEMO. I look cognisant of its obligations in that forward to upholding the exceptional regard. Of the many issues that we standards he has set for the Board, a address, risk and strategy are two of group of experienced independent the most critical. The AEMO Board AEMO Annual Report 2018 5 A message from AEMO’s CEO Our mandate under the National notably real-time weather forecasting Electricity and Gas objectives is capabilities across the country. unchanged, and the essential need We launched our inaugural Integrated for cost-effective and reliable power System Plan, a core recommendation for the overall economic welfare of made by the Finkel Review, and society remains our imperative.
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