The ERA will review the Frequency Co-optimised Essential System Services (FCESS) Offer Price Ceiling values at least once every three years. The FCESS Offer Price Ceilings are set for the five FCESS markets – Contingency Reserve Raise, Contingency Reserve Lower, Rate of Chance of Frequency (RoCoF) Control Service, Regulation Raise and Regulation Lower - and present the highest price that these services can be offered in the respective FCESS markets.
The Economic Regulation Authority will make the first determination of the FCESS Offer Price Ceilings prior to the New WEM Commencement Day. Notwithstanding the requirement to set all five FCESS Offer Price Ceilings, for the period commencing from the New WEM Commencement Day to the end of the Trading Interval starting at 7:30 AM on 1 March 2024, the value determined by the Economic Regulation Authority for each FCESS Offer Price Ceiling will be a single identical price.