Every three years, the ERA must undertake a review to assess the extent to which the Wholesale Electricity Market is meeting the market objectives to: provide a secure and reliable supply of electricity, enable competition and minimise the long-term costs to consumers. As part of each review, the ERA seeks feedback from stakeholders through a discussion paper. The feedback we receive is considered as we prepare our report. The ERA's findings and recommendations are provided in a report to the Minister for Energy to table in Parliament. Once that occurs, we make the report available on our website after removing any commercially sensitive information.
On 1 July 2021, the ERA's obligation under the Wholesale Electricity Market rules to report annually on the effectiveness of the WEM, ceased. Information on the ERA's last report under this obligation is provided under previous reviews.
On 29 July 2022, the ERA released a discussion paper seeking comment from interested parties. The consultation period closed on Sunday 28 August 2022. The ERA received nine submissions in response to the discussion paper which are available below.
The report was delivered to the Minister for Energy on 7 October 2022.