The Australian energy market operator will lift the suspension of the domestic electricity market, CEO Daniel Westerman has confirmed.
He says he has spoken to all NEM energy ministers this morning, which includes the eastern and southern states of Australia.
He reiterated that AEMO was forced to suspend market prices because it had become impossible to operate, but the situation had improved significantly.
“The first step will take place at the end of today’s trading day and it is 4:00 am tomorrow when we will allow the market to set the price again,” he told reporters.
“The second step will be 24 hours later, when we can formally lift the market suspension.”
“After taking this first step, I would expect to see three things.
“First of all, the system we use to program generation on the network at the lowest cost to consumers, the submission engine will run smoothly.
“Secondly, AEMO will be able to reduce the number of addresses we give to generators, and thirdly, we expect to see a reduction in energy deficit or low reserve forecasts as generators respond to these signals. of the market “.
Energy Minister Chris Bowen said the East Coast energy system had been under immense pressure in recent weeks, but the state and federal governments had worked closely to keep the lights on.
“We have avoided blackouts and load declines in recent weeks, despite very significant challenges. The actions taken by AEMO last week were very significant and much needed and, as I said at the time, they had my full support.” .