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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.
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Energy Customers Can Save by Shopping Around
The Victorian Energy Market report released by the Essential Services Commission only highlights how important it is for customers to speak to their retailer so they can get a better deal, the Australian Energy Council said today.
The AEC’s Chief Executive Sarah McNamara said, “Retailers do notify customers if there is a cheaper deal available to them, but they are not allowed to change your offer without your express consent. It means if your retailer alerts you to a cheaper deal, you need to call them to take up the offer,” said Ms McNamara.
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Energy Council statement on Chloe Munro AO
The Australian Energy Council is saddened to learn of the loss of Chloe Munro, AO, the first Chair of the Clean Energy Regulator.
The AEC’s Chief Executive, Sarah McNamara, said “Chloe was held in very high regard by those in the energy industry. She made a major contribution to the sector at a time of significant change.
“In particular, as head of the CER she was at the forefront of developments in renewables integration.
“She also contributed to the 2017 Finkel Review into the Future Security of the National Electricity Market as a member of its expert panel and provided major input as a senior Victorian public servant in the 1990s to the reforms and privatisation of the Victorian energy industry.
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