18CAER wholesale market monitoring and reporting functions

18C AER wholesale market monitoring and reporting functions

18C AER wholesale market monitoring and reporting functions

(1) The AER wholesale market monitoring functions are as follows—

(a) to, in accordance with this Law and the Rules, regularly and systematically monitor and review the performance of monitored markets;

(b) in connection with paragraph (a), to identify and analyse whether, in relation to a particular monitored market—

(i) there is effective competition within the market; and

(ii) there are features of the market that may be detrimental to effective competition within the market; and

(iii) there are features of the market that may be impacting detrimentally on the efficient functioning of the market (and, if so, to assess the extent of the inefficiency); and

(iv) there are features of the market that may be impacting detrimentally on the achievement of the national electricity objective;

(c) other monitoring or analysing functions, conferred on the AER by the Rules, relating to the following matters within a monitored market—

(i) offers;

(ii) prices, including forecast and actual prices and bidding.

(2) The AER wholesale market reporting functions are as follows—

(a) to prepare, at least once every 2 years, a report on the results of the performance of the AER wholesale market monitoring functions;

(b) to provide, as the AER thinks fit, advice on the results of the performance of the AER wholesale market monitoring functions to the MCE, including advice as to—

(i) the AER’s opinion (and reasons for the opinion) on whether those results identify, in relation to a monitored market, features of the market (whether systemic or otherwise) that—

(A) may be detrimental to effective competition within the market; or

(B) may be impacting detrimentally on the efficient functioning of the market,

such that a legislative, regulatory or other response is required; and

(ii) any limitations that the AER considers may restrict its ability to communicate with relevant persons about the results of the performance of the AER wholesale market monitoring functions;