On 18 Dec 08, the Panel submitted a Rule change proposal to the AEMC that sought the following amendments to the Rules:

• increase the level of VoLL from the existing level of $10,000/MWh to $12,500/MWh, effective from 1 July 2010;
• define the CPT in the Rules as 15 times VoLL;
• replace the term "Value of Lost Load (VoLL)" with "Market Price Limit"; and
• replace the current annual review of VoLL with a reliability standards and settings review (i.e. the reliability standard, VoLL, CPT, and the market floor price) which is to take place every two years with two years' notice of any change.

On 16 Sep 08, in order to seek detailed consultation before submitting a formal Rule change proposal for consideration by the AEMC, the Panel released an Exposure Draft of a proposed Rule change to implement the policy positions that arose as part of the Comprehensive Reliability Review, along with the Proposed Rule and a mark up of the Proposed Rule.

Submissions on the Exposure Draft closed on 31 Oct 08 and the Panel received three submissions.