Rule Change: Completed
Moved one NEM settlement date to ensure it did not coincide with APEC public holiday when banks were closed in Sydney and Melbourne.
On 29 June 2007, the Commission received a Rule change proposal from NEMMCO seeking a participant derogation, for the purposes of the billing period commencing 5 August 2007, to defer all settlement payments to NEMMCO by one business day to Monday, 10 September 2007, due to the declaration of an APEC public holiday in Sydney on Friday, 7 September 2007. NEMMCO proposed that the participant derogation expire on 31 December 2007.
NEMMCO believed that the Rule change would have an insignificant effect on the market as a whole and would improve administrative efficiency of the NEM by avoiding settlement at a time when key staff may not be available and requested that it be treated as non-controversial and follow an expedited Rule making process.
On 5 July 2007, the Commission published a notice under sections 95 and 96 of the NEL commencing initial consultation on the Rule change proposal for a participant derogation to defer settlement payments, for the billing period commencing 5 August 2007, by one business day due to the APEC public holiday in Sydney and advising of its intention to expedite the Rule making process on the grounds that it was non-controversial, subject to written submissions.
The Commission considered this proposal to be non-controversial as:
- the effect of this Rule change was unlikely to have a significant effect on the NEM, given the small volume of money involved in the one business day deferral of settlement payments, as identified by NEMMCO in its proposal; and
- this Rule change would address the operational risks identified by NEMMCO in its proposal and improve administrative efficiency of the NEM, given the extraordinary circumstances of the APEC public holiday in Sydney and the current lack of details regarding access to transport, facilities and services in the Sydney CBD on the public holiday.
The Commission invited interested parties to provide submissions on the Rule change proposal by 6 August 2007. Any objections to the expedited Rule making process had to be received by 19 July 2007.
On 16 August 2007, the Commission published a notice under sections 102 and 103 of the NEL making the National Electricity Amendment (NEMMCO Participant Derogation (Deferral of Settlement Payments due to APEC)) Rule 2007 No.4 and the corresponding Rule determination. This Rule was made under an expedited process.
The Rule defers all settlement payments to NEMMCO, for the billing period commencing 5 August 2007, by one business day to Monday, 10 September 2007, due to the declaration of an APEC public holiday in Sydney on Friday, 7 September 2007.
The Rule commenced operation on 16 August 2007. This participant derogation expired on 31 December 2007.