Energy companies rush to prepare for five-minute settlements
Jul 29, 2021 – 12.29pm
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Australian energy retailers are rushing to prepare for the introduction of five-minute settlements for the wholesale electricity market which comes into effect on October 1.
Although the rule change by the Australian Energy Market Commission was delayed by three months because of the impact of COVID-19, energy companies are still spending millions of dollars to overhaul their IT software to comply with the new requirements by the deadline.
The new five-minute settlement rules will help new technologies, such as batteries, bid into the energy market.
The change from 30-minute to five-minute settlements was introduced to help the National Electricity Market adapt to the changing energy mix with the rapid influx of renewables and will provide a boost to “faster responders” like batteries and other demand-response technologies.