9 Settlement

Introduction

9.1. Conventions

Explanatory Note

Clause 9.1.1 is added to reflect that the Network Operator is a party to settlement for RoCoF cost recovery and therefore the term Market Participant is not appropriate in that case. 9.1.1 removes AEMO from the definition of Rule Participant for Chapter 9 so AEMO is not inadvertently captured in settlement equations.

9.1.1. In this Chapter 9, apart from clause 9.1.3 (where Rule

Participant has its ordinary meaning), a reference to "Rule Participant" is a reference to the relevant Market Participant or the relevant Network Operator as the case may be (and is not a reference to any other Rule Participant).

9.1.2. Settlement is to be based on whole Trading Days, though partial

Trading Days are to be facilitated on the first and last day of a financial year and at the commencement of the market. For this purpose, AEMO may declare that part of a Trading Day is to be treated as if that part was a full Trading Day by notice published on the WEM Website.

9.1.3. With respect to the treatment of GST:

$a$ all prices, fees and other charges under these WEM Rules (other than under this clause 9.1.3) are exclusive of GST;

$b$ in this clause 9.1.3, “adjustment notes”, “GST group”, “input tax credit”, “member”, “recipient created tax invoice”, “representative member”, “supply”, “tax invoice”, “taxable supply” and “valid tax invoice” each have the meaning given to the relevant term in the GST Act;

$c$ where a Rule Participant makes a taxable supply to another Rule Participant or person under these WEM Rules, the other Rule Participant or person must also pay the first Rule Participant making the supply an additional amount equal to the GST payable in respect of that supply;

$d$ AEMO must include in Settlement Statements and Invoices issued under these WEM Rules the additional amounts contemplated by clause

9.1.3(c);

$e$ Rule Participants must, if requested by AEMO, do everything necessary (including entering into recipient created tax invoice agreements) to enable AEMO to issue valid tax invoices, recipient created tax invoices and adjustment notes in respect of all taxable supplies made by or to AEMO under these WEM Rules;

$f$ however, if the additional amount paid or payable to AEMO or a Rule Participant or another person under this clause 9.1.3 in respect of a taxable supply differs from the actual amount of GST payable by the Rule Participant under the GST Act in respect of the relevant supply, then adjustments must be made under clause 9.15 so as to ensure the additional amount paid under this clause in respect of the supply is equal to the actual amount of GST payable under the GST Act in respect of the supply; and

$g$ if AEMO determines that:

i. a party is entitled to payment of any costs or expenses by way of reimbursement or indemnity; or

ii. a price, fee or other charge payable under these WEM Rules (other than Market Participant Regulator Fees and Market Participant Coordinator Fees) is calculated with reference to a cost or expense incurred by a party,

then the payment or cost or expense (as the case may be) must exclude any part of the cost or expense which is attributable to GST for which the party (or a representative member of any GST group of which the party is a member) is entitled to an input tax credit.

9.1.4. Where these WEM Rules indicate interest is payable on an amount,

interest accrues daily at the Bank Bill Rate from (and including) the date that payment was due up to (but excluding) the date of payment, or in the case of an adjusted Settlement Statement provided under clause

9.15 from (and including) the payment due date for the Invoice issued

for the original Settlement Statement up to (but excluding) the actual date of payment for the Invoice issued for the adjusted Settlement Statement.

9.1.5. Except where otherwise stated, AEMO will perform all calculations

described in this chapter.

9.2. Settlement Process

Explanatory Note

Clause 9.2.1 is amended to explicitly require the relevant WEM Procedure to document the collection and distribution of Financial Penalties and the processes to be followed in relation to Default Levies and Repaid Amount Levies.

9.2.1. AEMO must document the settlement process in a WEM Procedure,

including, but not limited to:

$a$ the application of taxes and interest;

$b$ the collection and distribution of Financial Penalties;

$c$ the processes to be followed in relation to Notices of Disagreement and Notices of Dispute; and

$d$ the processes to be followed in relation to Default Levies and Repaid Amount Levies.

Explanatory Note

Clause 9.2.2 requires AEMO to include in a WEM Procedure the method it will use to estimate a Registered Facility’s capability to provide ESS for the purpose of calculating an ESS Enablement Quantity.

AEMO will only use this estimation method if it considers the Market Participant’s Real-Time Submission does not accurately reflect the capability of the Registered Facility.

9.2.2. AEMO must document in a WEM Procedure the methodology it will use

for undertaking estimates for the purposes of each of clauses

9.10.6(c)(ii), 9.10.10(c)(ii), 9.10.14(c)(ii), 9.10.22(c)(ii),

9.10.23(c)(ii) and clause 2.4(a)(ii) of Appendix 2C.

Explanatory Note

Clauses relating to settlement timelines have been moved from section ### 9.16 and adjusted to combine STEM and NSTEM settlement into a single timeline with a single settlement statement and invoice.

The Capacity Credit allocation window (former sections 9.4 and 9.5) is moved to Chapter 4.

A Notice of Disagreement can be submitted at any time up to 45 weeks after the Trading Week. The adjustment dates will be in the eight, thirty fifth and fifty first weeks after the Trading Week.

9.3. Settlement Timeline

9.3.1. The settlement timeline for settlement of amounts payable under

these WEM Rules for each Trading Week within a Financial Year must be published by AEMO at least one calendar month prior to the commencement of that Financial Year. This settlement timeline must include for each Trading Week:

$a$ the Interval Meter Deadline, being 5:00 PM on the seventeenth (17^th) day following the end of a Trading Week;

$b$ the Settlement Statement Date, being the Business Day by which AEMO must issue Settlement Statements for a Trading Week, which Business Day must be no later than the fourth Business Day following the Interval Meter Deadline for a Trading Week;

$c$ the Invoicing Date, being the Business Day by which AEMO must issue Invoices for Settlement Statements for a Trading Week, which Business Day must be no later than the fourth Business Day following the Interval Meter Deadline for a Trading Week;

$d$ the Settlement Date, being the Business Day on which the transactions covered by a Settlement Statement for a Trading Week are settled, which Business Day must be no later than the second Business Day following the date of issue of the Invoice described in clause

9.3.3(b);

$e$ the commencement date for each settlement Adjustment Process for a Trading Week;

$f$ each Relevant Settlement Adjustment Date for a Trading Week;

$g$ each Settlement Statement Date for the Adjustment Process for a Trading Week, being the Business Day by which AEMO must issue Settlement Statements for each Adjustment Process for a Trading Week, which Business Day is determined in accordance with clause 9.15.1(b);

$h$ each Invoicing Date for the Adjustment Process for a Trading Week, being the Business Day by which AEMO must issue Invoices for each Adjustment Process for a Trading Week, which Business Day is determined in accordance with clause 9.15.6;

$i$ each Settlement Date for the Adjustment Process for a Trading Week, being the Business Day on which the transactions covered by a Settlement Statement for each Adjustment Process are settled, which Business Day is determined in accordance with clause 9.15.7; and

$j$ the Settlement Disagreement Deadline.

9.3.2. Meter Data Submissions for a Trading Week must be provided to

AEMO by no later than the Interval Meter Deadline.

9.3.3. For the settlement of amounts payable under these WEM Rules for a

Trading Week, AEMO must issue to each Rule Participant:

$a$ a Settlement Statement covering each of the Trading Days in the Trading Week by no later than the Settlement Statement Date for that Trading Week as published under clause 9.3.1(b); and

$b$ an Invoice for the Settlement Statement described in clause

9.3.3(a) by no later than the Invoice Date for that Trading Week as

published under clause 9.3.1(c);

9.3.4. The date for settlement of the transactions covered by the

Settlement Statement described in clause 9.3.3(a) and the Invoice described in clause 9.3.3(b) is the Settlement Date for that Trading Week as published under clause 9.3.1(d).

9.3.5. AEMO must undertake a process for adjusting settlements

(“Adjustment Process”) in accordance with section 9.15 in relation to Relevant Settlement Statements. Adjustments may only be made to Relevant Settlement Statements. Adjustments may not be made to Settlement Statements outside of an Adjustment Process.

9.3.6. A Relevant Settlement Statement is any Settlement Statement in

respect of a Trading Week, which Trading Week has occurred not greater than 52 weeks in the past:

$a$ that requires correction resulting from a Notice of Dispute raised under section 2.19;

$b$ where AEMO has indicated under clause 9.16.9 that it will revise information in response to a Notice of Disagreement;

$c$ that requires correction resulting from any revised value that AEMO reasonably considers to be in compliance with these WEM Rules and accurate;

$d$ where an adjustment is required in accordance with clause 9.1.3;

$e$ for which AEMO has revised meter data from a Metering Data Agent; or

$f$ that requires correction resulting from any other relevant value that has been revised in accordance with the WEM Rules.

9.3.7. A Settlement Statement will be adjusted in accordance with the

Adjustment Process if it is, at the time, a Relevant Settlement Statement on any of:

$a$ "Settlement Adjustment Date 1" being, for a Trading Week, the Business Day in the 8^th week following that Trading Week on which original Settlements Statements for another Trading Week will be issued in that week in accordance with clause 9.3.3(a);

$b$ "Settlement Adjustment Date 2" being, for a Trading Week, the Business Day in the 35^th week following that Trading Week on which original Settlements Statements for another Trading Week will be issued in that week in accordance with clause 9.3.3(a); or

$c$ "Settlement Adjustment Date 3" being, for a Trading Week, the Business Day in the 51^st week following that Trading Week on which original Settlements Statements for another Trading Week will be issued in that week in accordance with clause 9.3.3(a).

Settlement Data

Explanatory Note

Section 9.4 was intended to provide a list of all data used in the settlement equations, similar to clause 9.3.1 in the 1 September 2022 WEM Rules. Due to time constraints the proposed section (which is for information only) will not be populated as part of Tranche 6, and so the section title is amended to [Blank] to prevent any confusion, It is intended that the section will be restored and populated in a future rule change.

9.4. [Blank]

9.5. The Metered Schedule

Explanatory Note

Interruptible Loads have been removed as they will no longer have a Metered Schedule given it is not required for ESS settlement under the new framework. However, the Non-Dispatchable Load associated with an Intermittent Load or a DSP will have a Metered Schedule so that the consumption is not included in the Notional Wholesale Meter.

The definition of "Non-Dispatchable Load" is also updated.

Further consideration is intended to be given to small DER aggregators and if/how a Metered Schedule is calculated, in particular, where ESS are provided, but not energy.

Clause 9.5.1 has also been modified to reflect the new registration taxonomy, incuding 'Facilities' under new clause 2.29.1B.

Clauses 9.5.1 and 9.5.2 are modified to reflect that Non-Dispatchable Loads are not Registered Facilities.

9.5.1. For each Trading Interval AEMO must determine the Metered

Schedule in accordance with clause 9.5.2 for each:

$a$ Scheduled Facility;

$b$ Semi–Scheduled Facility;

$c$ Non-Scheduled Facility; and

$d$ Non-Dispatchable Load.

9.5.2. Subject to clauses 2.30B.10 and 2.30B.11, the Metered Schedule

for a Trading Interval for each:

$a$ Scheduled Facility;

$b$ Semi-Scheduled Facility;

$c$ Non-Scheduled Facility; and

$d$ Non-Dispatchable Load, excluding Non-Dispatchable Loads referred to in clause 9.5.3,

is the net quantity of energy generated and sent out into the relevant Network or consumed by the Facility during that Trading Interval, Loss Factor adjusted to the Reference Node, and determined from Meter Data Submissions received by AEMO in accordance with section 8.4 or SCADA data maintained by AEMO in accordance with clause 7.13.1E(a)(i) where interval meter data is not available.

9.5.3. AEMO must determine a single Metered Schedule for a Trading

Interval for those Non-Dispatchable Loads without interval meters or with meters not read as interval meters that are served by Synergy where:

$a$ the Metered Schedule equals the Notional Wholesale Meter value for that Trading Interval;

$b$ the Notional Wholesale Meter value for a Trading Interval equals negative one multiplied by:

i. the sum of the Metered Schedules with positive quantities for that Trading Interval; plus

ii. the sum of the Metered Schedules with negative quantities for that Trading Interval,

where the Metered Schedules referred to in clauses 9.5.3(b)(i) and

9.5.3(b)(ii) exclude the Metered Schedule for the Notional Wholesale

Meter.

9.5.4. AEMO must determine the Demand Side Programme Load for a Demand

Side Programme for a Trading Interval as the total net MWh quantity of energy consumed by the Associated Loads of that Demand Side Programme during the Trading Interval, determined from Meter Data Submissions and expressed as a positive non-Loss Factor adjusted value.

9.5.5. For the purpose of clauses 9.5.2 and 9.5.3, a quantity of energy

generated and sent out into the relevant Network has a positive value and a quantity of energy consumed has a negative value.

9.5.6. AEMO must calculate for each Market Participant the Consumption

Share for a Trading Interval. The Consumption Share for Market Participant p in Trading Interval t is:

\[\text{ConsumptionShare}\left( \text{p,t} \right)\text{\\=}\frac{\text{ConsumptionContributingQuantity}\left( \text{p,t} \right)}{\text{TotalConsumptionContributingQuantity}\left( \text{t} \right)}\]

where:

$a$ ConsumptionContributingQuantity(p,t) is the Consumption Contributing Quantity for Market Participant p in Trading Interval t as determined in clause 9.5.7; and

$b$ TotalConsumptionContributingQuantity(t) is the total Consumption Contributing Quantity for all Market Participants in Trading Interval t as determined in clause 9.5.8.

Explanatory Note

Clause 9.5.7 is amended to:

specify the exclusion of Facilities with a positive Metered Schedule in the Trading Interval through the Consumption Contributing Quantity calculation instead of the definition of “f∈p”;
clarify which Facilities are included in the calculation; and
append “and” to the end of clause 9.5.7(a).

9.5.7. AEMO must calculate for each Market Participant the Consumption

Contributing Quantity for a Trading Interval. The Consumption Contributing Quantity for Market Participant p in Trading Interval t is:

\[\text{ConsumptionContributingQuantity}\left( \text{p,t} \right)\text{\\}\text{=}\sum\_{\text{f}\text{∈}\text{p}}^{}\text{min(0,MeteredSchedule(f,t))}\]

where:

$a$ f∈p denotes all Scheduled Facilities, Semi-Scheduled Facilities, Non-Scheduled Facilities and Non‑Dispatchable Loads registered to or associated with Market Participant p (including Synergy’s Notional Wholesale Meter where Synergy is Market Participant p) in Trading Interval t; and

$b$ MeteredSchedule(f,t) is the Metered Schedule for facility f for Trading Interval t as calculated in accordance with clause 9.5.2 and clause 9.5.3.

9.5.8. AEMO must calculate the total Consumption Contributing Quantity

for all Market Participants for a Trading Interval. The TotalConsumptionContributingQuantity(t) for all Market Participants in Trading Interval t is:

TotalConsumptionContributingQuantity(t) =

\[\sum\_{\text{p}\text{∈}\text{P}}^{}\text{ConsumptionContributingQuantity(p,t)}\]

where:

i. ConsumptionContributingQuantity(p,t) is the Consumption Contributing Quantity for Market Participant p in Trading Interval t as determined in clause 9.5.7; and

ii. p∈P denotes all Market Participants.

Explanatory Note

Sections 9.6 to 9.13 outline the settlement calculations that were formerly outlined in sections 3.4, 9.6 to 9.10 and 9.13 to 9.15.

Section 9.11 has been removed as there is no longer reconciliation settlement.

Section 9.6 outlines the calculations for the net weekly settlement amount for a Market Participant, which comprises STEM and the five former NSTEM segments.

Sections 9.7 to 9.12 are the segments for the net weekly settlement amount. These are calculated at the daily level to input into a daily net settlement amount calculated in clause 9.6.3. Daily net settlement amounts are summed to a weekly settlement amount in clause 9.6.2.

The Network Operator has been added to the net weekly settlement calculation and some of the calculations in the ESS segment (section ### 9.10) as it may be liable for costs associated with the RoCoF ESS (see Appendix 2B).

Section 9.13 outlines the Service Fees payable to AEMO and the ERA.

Settlement Calculations

9.6. Settlement Calculations - Net Settlement Amount

9.6.1. AEMO must calculate for each Rule Participant the net settlement

amount for a Trading Week.

9.6.2. The net settlement amount for AEMO to Rule Participant p for

Trading Week w is:

\[\text{Net\\SA}\left( \text{p,w} \right)\text{\\=}\sum\_{\text{d}\text{∈}\text{w}}^{}\text{Net\\SA(p,d)}\]

where:

$a$ Net_SA(p,d) is the net settlement amount calculated for AEMO to Rule Participant p in Trading Day d in accordance with clause 9.6.3; and

$b$ d∈w denotes all Trading Days d in Trading Week w.

9.6.3. The net settlement amount for AEMO to Rule Participant p for

Trading Day d is:

Net_SA(p,d) = STEM_SA(p,d) + RC_SA(p,d) + RTE_SA(p,d) +

ESS_SA(p,d) + OC_SA(p,d) + MPF_SA(p,d)

where:

$a$ STEM_SA(p,d) is the STEM settlement amount calculated for AEMO to Market Participant p in Trading Day d in accordance with section 9.7;

$b$ RC_SA(p,d) is the Reserve Capacity settlement amount calculated for AEMO to Market Participant p in Trading Day d in accordance with section 9.8;

$c$ RTE_SA(p,d) is the Real-Time Energy settlement amount calculated for AEMO to Market Participant p in Trading Day d in accordance with section 9.9;

$d$ ESS_SA(p,d) is the Essential System Services settlement amount calculated for AEMO to Rule Participant p in Trading Day d in accordance with section 9.10;

$e$ OC_SA(p,d) is the Outage Compensation settlement amount calculated for AEMO to Market Participant p in Trading Day d in accordance with section 9.11; and

$f$ MPF_SA(p,d) is the Market Participant fee settlement amount calculated for AEMO to Market Participant p in Trading Day d in accordance with section 9.12.

9.7. Settlement Calculations – STEM

9.7.1. AEMO must calculate for each Market Participant the STEM

settlement amount for a Trading Day.

9.7.2. The STEM settlement amount for AEMO to Market Participant p for

Trading Day d is:

\[\text{STEM\\SA}\left( \text{p,d} \right)\text{\\=}\sum\_{\text{t}\text{∈}\text{d}}^{}\text{STEM\\SA(p,t)}\]

where:

$a$ STEM_SA(p,t) is the STEM settlement amount calculated for AEMO to Market Participant p in Trading Interval t in accordance with clause 9.7.3; and

$b$ t∈d denotes all Trading Intervals t in Trading Day d.

9.7.3. The STEM settlement amount for AEMO to Market Participant p for

Trading Interval t is:

STEM_SA(p,t) = STEM_Price(t) × STEM_Quantity(p,t) ×

STEM_SuspensionFlag(t)

where:

$a$ STEM_Price(t) is the STEM Clearing Price for Trading Interval t as provided by AEMO under clause 6.21.1(b);

$b$ STEM_Quantity(p,t) is the quantity of energy, details of which are provided by AEMO under clause 6.21.1(c), purchased from, or sold to, AEMO through the STEM by Market Participant p for Trading Interval t where a quantity sold through the STEM has a positive value, and a quantity purchased through the STEM has a negative value; and

$c$ STEM_SuspensionFlag(t) has a value of zero for Trading Interval t if AEMO has provided a flag under clause 6.21.1(a) for that Trading Interval, and a value of one for that Trading Interval otherwise.

9.8. Settlement Calculations - Reserve Capacity

9.8.1. AEMO must calculate for each Market Participant the Reserve

Capacity settlement amount for a Trading Day.

9.8.2. The Reserve Capacity settlement amount for Market Participant p

for Trading Day d is:

RC_SA(p,d)

= Capacity_Provider_Payment(p,d) – Capacity_Purchaser_Payment(p,d)

where:

$a$ Capacity_Provider_Payment(p,d) is calculated in accordance with clause 9.8.3; and

$b$ Capacity_Purchaser_Payment(p,d) is calculated in accordance with clause 9.8.4.

9.8.3. For the purposes of clause 9.8.2,

Capacity_Provider_Payment(p,d) for Market Participant p for Trading Day d is:

Capacity_Provider_Payment(p,d)

= Participant_Capacity_Rebate(p,d)

Capacity_Payments(p,d) – Intermittent_Load_Refund(p,d)
Supplementary_Capacity_Payment(p,d) – Capacity_Cost_Refund(p,d)
Over_Allocation_Payment(p,d)

where:

$a$ Participant_Capacity_Rebate(p,d) is the Participant Capacity Rebate payable to the Market Participant p for all Trading Intervals in Trading Day d, as determined in accordance with clause 4.29.3(d)(vii);

$b$ 𝐶𝑎𝑝𝑎𝑐𝑖𝑡𝑦_𝑃𝑎𝑦𝑚𝑒𝑛𝑡𝑠(𝑝, 𝑑) = ∑𝑓∈𝐹((𝐶𝐶(𝑓, 𝑑) – 𝐹𝑎𝑐𝑖𝑙𝑖𝑡𝑦_𝐶𝐶𝐴(𝑓, 𝑑)) × FDR𝐶𝑃(𝑓, 𝑑))

where:

i. F is the set of all Facilities registered to Market Participant p in Trading Day d and f is a Facility within the set;

ii. CC(f,d) is the number of Capacity Credits assigned to the Facility f, registered to Market Participant p, for the Trading Day d;

iii. Facility_CCA(f,d) is the sum of the Capacity Credits associated with the Facility f, registered to Market Participant p, for the Trading Day d that have been allocated in a Capacity Credit Allocation; and

iv. FDRCP(f,d) is the Facility Daily Reserve Capacity Price associated with the Facility f in Trading Day d;

$c$ Intermittent_Load_Refund(p,d) is the total Intermittent Load Refund payable to AEMO by Market Participant p in respect of each of its Intermittent Loads, deemed to be an Intermittent Load under clause 1.48.2, for Trading Day d, as determined in accordance with clause 4.29.3(dA);

$d$ Supplementary_Capacity_Payment(p,d) is the net payment to be made by AEMO under a Supplementary Capacity Contract to Market Participant p for Trading Day d, as specified by AEMO in accordance with clause 4.29.3(e)(i);

$e$ Capacity_Cost_Refund(p,d) is the Capacity Cost Refund payable to AEMO by Market Participant p in respect of that Market Participant’s Capacity Credits for Trading Day d, as specified in clause 4.29.3(d)(vi);

$f$ Over_Allocation_Payment(p,d) =
max (0, Participant_CCA(p,d) – IRCR(p,d)) × Excess_Allocation _Price(p,d);

$g$ Participant_CCA(p,d) is the sum of Capacity Credits allocated to Market Participant p in Trading Day d in a Capacity Credit Allocation;

$h$ IRCR(p,d) is the Individual Reserve Capacity Requirement for Market Participant p for the Trading Month in which the Trading Day d falls, expressed in units of MW;

$i$ Excess_Allocation_Price(p,d) =

0, if Participant_CCA(p,d) = 0; and

∑_c∈C (CCA(c,d) × FDRCP(f,d)) / ∑_c∈C CCA(c) otherwise;

$j$ C is the set of Capacity Credit Allocations made to Market Participant p in Trading Day d and c is a Capacity Credit Allocation within the set; and

$k$ CCA(c,d) is the number of Capacity Credits that have been allocated in a Capacity Credit Allocation associated with the Facility f to Market Participant p in the Trading Day d.

9.8.4. For the purposes of clause 9.8.2,

Capacity_Purchaser_Payment(p,d) for Market Participant p for Trading Day d is:

Capacity_Purchaser_Payment(p,d) = Targeted_Reserve_Capacity_Cost(p,d) + Shared_Reserve_Capacity_Cost(p,d)

where:

$a$ Targeted_Reserve_Capacity_Cost(p,d) =
Targeted_Reserve_Capacity_Cost(d) × Shortfall_Share(p,d)

$b$ Shared_Reserve_Capacity_Cost(p,d) =
Shared_Reserve_Capacity_Cost(d) × Capacity_Share(p,d)

$c$ Targeted_Reserve_Capacity_Cost(d) is the cost of Reserve Capacity to be shared amongst those Market Participants who have not had sufficient Capacity Credits allocated to them for Trading Day d where this cost is specified under clause 4.29.3(b);

$d$ Shortfall_Share(p,d) = (max(0, IRCR(p,d) – Participant_CCA(p,d))) / ∑p∈P(max(0, IRCR(p,d) – Participant_CCA(p,d)))

$e$ Shared_Reserve_Capacity_Cost(d) is the cost of Reserve Capacity to be shared amongst all Market Participants for Trading Day d where this cost is specified under clause 4.29.3(c);

$f$ Capacity_Share(p,d) = IRCR(p,d) / ∑_p∈PIRCR(p,d)

$g$ P is the set of all Market Participants where p is a member of that set;

$h$ IRCR(p,d) is the Individual Reserve Capacity Requirement for Market Participant p for the Trading Month in which the Trading Day d falls, expressed in units of MW; and

$i$ Participant_CCA(p,d) is the sum of the Capacity Credits allocated to Market Participant p in the Trading Day d, in a Capacity Credit Allocation.

9.8.5. The net payment to be made by AEMO under a Supplementary Capacity

Contract to a person who is not a Market Participant will be settled by AEMO in accordance with contract conditions which are not required to be consistent with other settlement processes or prudential processes under these WEM Rules.

Explanatory Note

Section 9.9 outlines the calculations for the Real-Time Energy settlement amount for a Market Participant.

Real-Time Energy settlement comprises:

An energy trading quantity that is a function of a Market Participant’s Metered Schedules, Net Contract Position and the Reference Trading Price in a given Trading Interval (the last being the time weighted average of the relevant energy market clearing prices).
An energy uplift payable component that makes energy producing facilities whole if a binding Network Constraint causes them to be dispatched when their Marginal Offer Price is greater than the Market Clearing Price at the Reference Node. This component is derived by facility and at the Dispatch Interval level.
An energy uplift recoverable component that denotes the recoverable component of total uplift payments made to producing facilities, which is recovered on the basis of a Market Participant’s Consumption Share in a given Trading Interval.

9.9. Settlement Calculations – Real-Time Energy

9.9.1. AEMO must calculate for each Market Participant the Real-Time

Energy settlement amount for a Trading Day.

Explanatory Note

AEMO shall calculate the daily Real-Time Energy (RTE) Energy settlement amount for a Market Participant by aggregating Energy settlement amounts calculated over Trading Intervals in a Trading Day.

9.9.2. The Real-Time Energy settlement amount for Market Participant p

for Trading Day d is:

\[\text{RTE\\SA}\left( \text{p,d} \right)\text{\\=}\sum\_{\text{t}\text{∈}\text{d}}^{}{\text{RTE\\SA}\left( \text{p,t} \right)}\]

where:

$a$ RTE_SA(p,t) is the Real-Time Energy settlement amount calculated for AEMO to Market Participant p for Trading Interval t in accordance with clause 9.9.3; and

$b$ t∈d denotes all Trading Intervals t in Trading Day d.

Explanatory Note

The Real-Time Energy settlement amount for a Market Participant for a Trading Interval is the sum of their energy trading amount and the amount of Energy Uplift Payments payable to them less the amount of Energy Uplift Payments recoverable from them.

9.9.3. The Real-Time Energy settlement amount for Market Participant p

for Trading Interval t is:

RTE_SA(p,t) = EnergyTradingAmount(p,t) + EnergyUplift_Payable(p,t)- EnergyUplift_Recoverable(p,t)

where:

$a$ EnergyTradingAmount(p,t) is the energy trading amount calculated for AEMO to Market Participant p for Trading Interval t in accordance with clause 9.9.4;

$b$ EnergyUplift_Payable(p,t) is the energy uplift amount payable to Market Participant p for Trading Interval t as calculated in accordance with clause 9.9.6; and

$c$ EnergyUplift_Recoverable(p,t) is the energy uplift recoverable from Market Participant p for Trading Interval t as calculated in accordance with clause 9.9.15.

Explanatory Note

The energy trading amount for a Market Participant for a Trading Interval is the product of the Reference Trading Price and the Market Participant’s Net Trading Quantity (i.e. Net Contract Position adjusted Metered Schedule).

9.9.4. The energy trading amount for Market Participant p for Trading

Interval t is:

EnergyTradingAmount(p,t) = ReferenceTradingPrice(t) × NetTradingQuantity(p,t)

where:

$a$ ReferenceTradingPrice(t) is the Final Reference Trading Price for Trading Interval t; and

$b$ NetTradingQuantity(p,t) is the Net Trading Quantity for Market Participant p for Trading Interval t as calculated in accordance with clause 9.9.5.

Explanatory Note

AEMO shall calculate the Net Trading Quantity for a Market Participant in a Trading Interval as the difference between the net sum of all Metered Schedules of Registered Facilities and Non-Dispatchable Loads associated with that Market Participant in a given Trading Interval and its Net Contract Position in that Trading Interval.

9.9.5. The Net Trading Quantity for a Market Participant p in Trading

Interval t is:

\[\text{NetTradingQuantity}\left( \text{p,t} \right)\text{\\=\\}\left( \sum\_{\text{f}\text{∈}\text{p}}^{}{\text{MeteredSchedule}\left( \text{f,t} \right)} \right)\text{-NetContractPosition(p,t)}\]

where:

$a$ MeteredSchedule(f,t) is the Metered Schedule for facility f for Trading Interval t as calculated in accordance with clause 9.5.2 or clause 9.5.3 as the case may be;

$b$ f∈p denotes all Registered Facilities f registered to Market Participant p and all Non-Dispatchable Loads associated with Market Participant p (including Synergy’s Notional Wholesale Meter where Synergy is Market Participant p calculated in accordance with clause 9.5.3); and

$c$ Net Contract Position(p,t) is the Net Contract Position for Market Participant p in Trading Interval t as calculated in accordance with clause 6.9.13.

Explanatory Note

Energy Uplift Payments are made to Market Participants in respect of their Registered Facilities, when the marginal offer price at which they are cleared is greater than the Energy Market Clearing Price (defined at the Reference Node), thereby leaving them out of pocket.

This locational price divergence is known as mispricing; the presence of mispricing can be determined by the value of a facility’s Congestion Rental. When the Congestion Rental is positive, the Registered Facility is negatively mispriced. This may mean the Registered Facility Injecting at a cost that is higher than the Energy Market Clearing Price at the Reference Node. Only energy producing facilities are eligible for Energy Uplift Payments when negative mispricing occurs.

There are additional conditions (in addition to the Congestion Rental component) that will apply when determining whether a Registered Facility is eligible to receive an Energy Uplift Payment (see section ### 9.9.9).

The total amount of energy uplift payable to a Market Participant in a Trading Interval is the sum of Energy Uplift Payments made in respect of all of its Registered Facilities in the trading interval.

9.9.6. The energy uplift amount payable to Market Participant p for

Trading Interval t is:

\[\text{EnergyUplift\\Payable}\left( \text{p,t} \right)\text{\\=}\sum\_{\text{f}\text{∈}\text{p}}^{}\text{EnergyUpliftPayment(f,t)}\]

where:

$a$ EnergyUpliftPayment(f,t) is the Energy Uplift Payment in respect of Registered Facility f and Trading Interval t as calculated in accordance with clause 9.9.7; and

$b$ f∈p denotes all Registered Facilities f registered to Market Participant p.

Explanatory Note

AEMO must calculate the Energy Uplift Payment for Registered Facility f in Trading Interval t as the sum of all Energy Uplift Payments to that Registered Facility in all Dispatch Intervals in Trading Interval t.

9.9.7. The Energy Uplift Payment for Registered Facility f in Trading

Interval t is:

\[\text{EnergyUpliftPayment(f,t)\\=}\sum\_{\text{DI}\text{∈}\text{t}}^{}\text{EnergyUpliftPayment(f,DI)}\]

where:

$a$ EnergyUpliftPayment(f,DI) is the Energy Uplift Payments to that Registered Facility f in Dispatch Interval DI calculated in accordance with clause 9.9.8; and

$b$ DI∈t denotes all Dispatch Intervals DI in Trading Interval t.

Explanatory Note

AEMO must calculate the Energy Uplift Payment for Registered Facility f in Dispatch Interval DI as the product of a binary mispricing trigger, the Uplift Price and the Uplift Quantity.

9.9.8. The Energy Uplift Payment for Registered Facility f in

Dispatch Interval DI is:

EnergyUpliftPayment(f,DI) = IsMisPriced(f,DI) × EnergyUpliftPrice(f,DI)×

EnergyUpliftQuantity(f,DI)

where:

$a$ IsMisPriced(f,DI) is the mispricing trigger for Registered Facility f in Dispatch Interval DI determined as either 1 or 0 calculated in accordance with clause 9.9.9;

$b$ EnergyUpliftPrice(f,DI) is the Energy Uplift Price for Registered Facility f in Dispatch Interval DI calculated in accordance with clause

9.9.10; and

$c$ EnergyUpliftQuantity(f,DI) is the Energy Uplift Quantity for Registered Facility f in Dispatch Interval DI calculated in accordance with clause 9.9.11.

Explanatory Note

AEMO shall calculate the Mispricing Trigger for Registered Facility f in Dispatch Interval DI.

The ClearedQuantity(f,DI)>0 condition is included to ensure that the mispricing trigger is set to zero for any Registered Facility with a negative cleared quantity (e.g. a charging battery). Without this condition a battery could be charged more than the Energy Market Clearing Price for charging.

The CongestionRental(f,DI)>0 condition indicates the Registered Facility is alleviating the binding network constraint(s).

A Registered Facility is not eligible for an Energy Uplift Payment if any of the following conditions apply:

if the Registered Facility’s marginal offer price is less and/or equal to the Energy Market Clearing Price;
if the Registered Facility appears in a binding ramp rate constraint (i.e. its down ramp rate prevents it from reducing its output compared with what it otherwise would have output if it had an infinite Downwards Ramp Rate); or
if the Registered Facility appears in a binding ESS trapezium constraint (see clause 7.5.8(a)). This is to ensure that when a Registered Facility is generating as a result of being trapped in an ESS trapezium, it is not paid an Energy Uplift Payment unless a Congestion Rental applies even after the ESS offer has been revised to zero.

9.9.9. The mispricing trigger for Registered Facility f in

Dispatch Interval DI is:

\[\text{IsMisPriced(f,DI)\\=}\left\\ \begin{array}{r} \text{1,\\if\\ClearedQuantity}\left( \text{f,DI} \right)\text{\\>\\0} \\ \text{and\\CongestionRental}\left( \text{f,DI} \right)\text{\\>\\0} \\ \text{and\\MarginalOfferPrice(f,DI)\\>\\Energy\\MCP}\left( \text{DI} \right) \\ \text{and\\f\\}\text{∉}\text{\\FacilitiesInBindingDownRampRate}\left( \text{DI} \right) \\ \text{and\\f\\}\text{∉}\text{\\FacilitiesInBindingESSEnablementMinimum(DI)} \\ \\and\\\forall c\\(f\\ \notin \\FacilitiesInBindingNCESS(c,DI)\\ \\ \\ \\ \text{0,\\otherwise} \\ \end{array} \right.\\\]

where:

$a$ ClearedQuantity(f,DI) is the cleared energy quantity for Registered Facility f in Dispatch Interval DI as recorded in the relevant Dispatch Instruction (where this quantity can be a Dispatch Target, Dispatch Cap or Dispatch Forecast);

$b$ CongestionRental(f,DI) is the Congestion Rental for Registered Facility f in Dispatch Interval DI in respect of a set of Network Constraints N as calculated in accordance with clause 7.14.1;

$c$ MarginalOfferPrice(f,DI) is the highest price associated with any cleared Price-Quantity Pair in respect of a Market Participant’s Real-Time Market Submission for energy that was dispatched for Registered Facility f in Dispatch Interval DI;

$d$ Energy_MCP(DI) is the Finall Energy Market Clearing Price for Dispatch Interval DI;

$e$ FacilitiesInBindingDownRampRate(DI) is the set of Registered Facilities whose EOI Quantity is higher than it would otherwise be in Dispatch Interval DI as a result of a binding ramp rate constraint applied under clause 7.2.4(c); and

$f$ FacilitiesInBindingESSEnablementMinimum(DI) is the set of Registered Facilities whose EOI Quantity is constrained to its Enablement Minimum value in Dispatch Interval DI, as a result of a binding Essential System Service Enablement Minimum constraint applied under clause 7.8.5(b)(i); and

$g$ FacilitiesInBindingNCESS(c,DI) is the set of Registered Facilities provided under clause 5.9.1(b) for NCESS Contract c and Dispatch Interval DI.

Explanatory Note

AEMO shall calculate the Energy Uplift Price which:

denotes the $/MWh price that Registered Facility f must be paid to make it 'whole' and denotes the difference between its marginal offer price in a Dispatch Interval and the relevant Reference Trading Price; and
cannot be negative.

9.9.10. The Energy Uplift Price for Registered Facility f in Dispatch

Interval DI is:

EnergyUpliftPrice(f,DI) = Max(0, (MarginalOfferPrice(f,DI)−

ReferenceTradingPrice(t)))

where:

$a$ MarginalOfferPrice(f,DI) is the highest price associated with any cleared (or scheduled) Price-Quantity Pair in respect of a Market Participant’s Real-Time Market Submission for energy that was dispatched for Registered Facility f in Dispatch Interval DI;

$b$ ReferenceTradingPrice(t) is the Final Reference Trading Price for Trading Interval t containing Dispatch Interval DI.

Explanatory Note

AEMO shall calculate the Energy Uplift Quantity for Registered Facility f in Dispatch Interval DI.

The Energy Uplift Quantity for Registered Facility f in Dispatch Interval DI denotes the quantity that f will be made 'whole' for.

The Energy Uplift Quantity is based on a Registered Facility’s Injection during the relevant Dispatch Interval.

AEMO must estimate a Registered Facility’s Injection as a function of the Registered Facility’s 30-minute Metered Schedule and five-minute SCADA (MWh) quantities due to five-minute metered data not being available at market start.

If the 30-minute SCADA MWh total sums to zero, then AEMO shall calculate the Registered Facility’s five-minute Injection as a time-weighted average of the Metered Schedule (to avoid a divide by zero error).

The Energy Uplift Quantity cannot be negative.

9.9.11. The Energy Uplift Quantity for Registered Facility f in Dispatch

Interval DI is:

\[\text{EnergyUpliftQuantity(f,DI)\\=\\Max(0,\\}\widehat{\text{MeteredQuantity}}\left( \text{f,DI} \right)\text{)}\]

where:

$a$ $\widehat{MeteredQuantity}(f,DI)$ is the estimate of Injection or Withdrawal in MWh for Registered Facility f for a Dispatch Interval calculated in accordance with clause 9.9.12.

9.9.12. The metered quantity estimate of Injection or Withdrawal in MWh

of Registered Facility f in Dispatch Interval DI is:

\[\widehat{\text{MeteredQuantity}}\left( \text{f,DI} \right)\text{\\=}\left\\ \begin{array}{r} \frac{\text{SCADAMWh}\left( \text{f,DI} \right)}{\text{TotalSCADAMWh(f,t)}}\text{×\\MeteredSchedule}\left( \text{f,t} \right)\text{,\\\\\\} \\ \text{if\\}\text{TotalSCADAMWh(f,t)\\}\text{≠\\0} \\ \frac{\text{MeteredSchedule}\left( \text{f,t} \right)\text{\\}}{\text{6}}\text{,\\if\\}\text{TotalSCADAMWh(f,t)\\}\text{=\\0} \\ \end{array} \right.\\\]

where:

$a$ SCADAMWh(f,DI) is the MWh Injection or Withdrawal of Registered Facility f for Dispatch Interval DI as monitored by AEMO’s SCADA system as prepared under clause 7.13.1E(a)(i);

$b$ MeteredSchedule(f,t) is the Metered Schedule for Registered Facility f for Trading Interval t as calculated in accordance with clause 9.5.2; and

$c$ TotalSCADAMWh(f,t) is the total MWh Injection or Withdrawal of Registered Facility f for Trading Interval t as calculated accordance with clause 9.9.13.

9.9.13. The total MWh Injection or Withdrawal of Registered Facility f

for Trading Interval t is:

\[\text{TotalSCADAMWh(f,t)\\}\text{=}\sum\_{\text{DI}\text{∈}\text{t}}^{}{\text{SCADAMWh}\left( \text{f,DI} \right)}\]

where:

$a$ SCADAMWh(f,DI) is the MWh Injection or Withdrawal of Registered Facility f for Dispatch Interval DI as monitored by AEMO’s SCADA system as prepared under clause 7.13.1E(a)(i); and

$b$ DI∈t denotes all Dispatch Intervals DI in Trading Interval t.

9.9.14. AEMO must calculate the total amount of energy uplift

recoverable in a Trading Interval from all Energy Uplift Payments made to all Market Participants in that Trading Interval as follows:

\[\text{EnergyUplift\\Recoverable}\left( \text{t} \right)\text{\\}\text{=}\sum\_{\text{p}\text{∈}\text{P}}^{}\text{EnergyUplift\\Payable(p,t)}\]

where:

$a$ EnergyUplift_Payable(p,t) is the energy uplift amount payable to Market Participant p for Trading Interval t as calculated in accordance with clause 9.9.6; and

$b$ p∈P denotes all Market Participants.

Explanatory Note

A Market Participant’s share of Energy Uplift Payments for cost recovery purposes is the product of all Energy Uplift Payments paid out during the Trading Interval and the Market Participant’s Trading Interval Consumption share.

9.9.15. The energy uplift recoverable from Market Participant p for

Trading Interval t is:

EnergyUplift_Recoverable(p,t) = EnergyUplift_Recoverable(t) ×

ConsumptionShare(p,t)

where:

$a$ EnergyUplift_Recoverable(t) is the total amount of energy uplift recoverable in Trading Interval t from all Energy Uplift Payments made to all Market Participants in that Trading Interval calculated in accordance with 9.9.14; and

$b$ ConsumptionShare(p,t) is the Consumption Share for Market Participant p for Trading Interval t as calculated in accordance with clause 9.5.6.

Explanatory Note

The settlement equations set out below are for the following FCESS that will be scheduled and dispatched in the Real-Time Market. These include:

Regulation Raise;
Regulation Lower;
Contingency Reserve Raise;
Contingency Reserve Lower; and
RoCoF Control Service.

System Restart Service will continue to be cost-recovered from Market Participants based on their Consumption Share.

Intermittent Loads (IMLs) (and, in particular, an Intermittent Load with multiple generation systems behind a network connection point) is not currently captured in the cost allocation methodology (applicable to Contingency Reserve Raise and RoCoF) in Appendix 2A. Intermittent Loads will be included in Appendix 2A at a later date once the registration framework is finalised.

9.10. Settlement Calculations - Essential System Services

9.10.1. AEMO must calculate for each Rule Participant the Essential

System Service settlement amount for a Trading Day.

Explanatory Note

A Rule Participant p’s total ESS Settlement amount in Trading Day d is the:

ESS Payable amount for Market Participant p for Trading Day d, being the sum of its Contingency Reserve Raise Payable, Contingency Reserve Lower Payable, RoCoF Control Service Payable, Regulation Payable and System Restart Payable amounts

less

ESS Recoverable Amount for Market Participant p for Trading Day d, being the sum of Contingency Reserve Raise Recoverable, Contingency Reserve Lower Recoverable, RoCoF Control Service Recoverable, Regulation Recoverable and System Restart Recoverable amounts.

9.10.2. The Essential System Service settlement amount for Rule

Participant p for Trading Day d is:

ESS_SA(p,d) = ESS_Payable(p,d) − ESS_Recoverable(p,d)

where:

$a$ ESS_Payable(p,d) is the Essential System Service amount payable to Market Participant p for Trading Day d calculated in accordance with clause 9.10.3; and

$b$ ESS_Recoverable(p,d) is the Essential System Service amount recoverable from Rule Participant p for Trading Day d calculated in accordance with clause 9.10.28.

Explanatory Note

The amount payable to Market Participant p for providing Essential System Services in Trading Day d is the sum of the following components, each calculated for Market Participant p for Trading Day d:

Contingency Reserve Raise amount payable;
Contingency Reserve Lower amount payable;
RoCoF Control Service amount payable;
Regulation amount payable;
System Restart Services amount payable; and
FCESS uplift amount payable.

All ESS amounts payable are calculated at the Dispatch Interval level before being aggregated to Trading Interval and Trading Day amounts.

The Regulation Raise and Regulation Lower amounts payable have been added together into a single Regulation amount payable to mitigate duplicating cost recovery calculations for Regulation Raise and Regulation Lower since the same cost recovery method is used for both services (see clause 9.10.36).

In contrast, the cost recovery methods for Contingency Reserve Raise and Contingency Reserve Lower are different, because the cost is allocated to different ‘causers’ and they are calculated at different granularity.

FCESS uplift amounts are divided among the FCESS being provided by the relevant Scheduled Facility or Semi-Scheduled Facility, with each amount allocated to an FCESS being recovered using the method used to recover other costs for that FCESS.

9.10.3. The Essential System Service amount payable to Market

Participant p for Trading Day d is:

ESS_Payable(p,d) = CR_Payable(p,d) + CL_Payable(p,d) + RCS_Payable(p,d) + Regulation_Payable(p,d) + SRS_Payable(p,d) + NCESS_Payable(p,d) + FCESSUplift_Payable(p,d)

where:

$a$ CR_Payable(p,d) is the Contingency Reserve Raise amount payable to Market Participant p for Trading Day d calculated in accordance with clause 9.10.4;

$b$ CL_Payable(p,d) is the Contingency Reserve Lower amount payable to Market Participant p for Trading Day d calculated in accordance with clause 9.10.8;

$c$ RCS_Payable(p,d) is the RoCoF Control Service amount payable to Market Participant p for Trading Day d calculated in accordance with clause 9.10.12;

$d$ Regulation_Payable(p,d) is the Regulation amount payable to Market Participant p for Trading Day d calculated in accordance with clause 9.10.20;

$e$ SRS_Payable(p,d) is the System Restart Service amount payable to Market Participant p for Trading Day d calculated in accordance with clause 9.10.25;

$f$ NCESS_Payable(p,d) is the NCESS amount payable to Market Participant p for Trading Day d calculated in accordance with clause

9.10.27A; and

$g$ FCESSUplift_Payable(p,d) is the FCESS uplift amount payable to Market Participant p for Trading Day d calculated in accordance with clause 9.10.3A.

Explanatory Note

Clauses 9.10.3A to 9.10.3P implement the calculation of the FCESS Uplift Payment.

FCESS Uplift Payments are made to Market Participants in respect of their Registered Facilities, in specific circumstances where a generator may be required to run to provide a FCESS but would not otherwise be required for energy. In this situation, where the generator is required to run at its minimum generation level, it is possible that neither the energy price nor FCESS price compensate the generator for its energy opportunity cost, thereby leaving them out of pocket.

The total amount of FCESS Uplift Payment payable to a Market Participant in a Trading Day is the sum of FCESS Uplift Payments made in respect of all of its Registered Facilities in the Trading Intervals in that Trading Day.

9.10.3A. The FCESS uplift amount payable to Market Participant p for

Trading Day d is:

\[\text{FCESSUplift\\Payable(p,d)}\_{\text{\\}}\text{=}\sum\_{\text{f}\text{∈}\text{p}}^{}{\sum\_{\text{t}\text{∈}\text{d}}^{}{\text{FCESSUpliftPayment}\left( \text{f,t} \right)}}\]

where:

$a$ FCESSUpliftPayment(f,t) is the FCESS Uplift Payment for Registered Facility f in Trading Interval t as calculated in accordance with clause

9.10.3B;

$b$ f∈p denotes all Registered Facilities f registered to Market Participant p; and

$c$ t∈d denotes all Trading Intervals t in Trading Day d.

Explanatory Note

The FCESS Uplift Payment for a Registered Facility in a Trading Interval is the sum of FCESS Uplift Payments made in respect of the Registered Facility in the Dispatch Intervals in that Trading Interval.

9.10.3B. The FCESS Uplift Payment for Registered Facility f in Trading

Interval t is:

\[\text{FCESSUpliftPayment}\left( \text{f,t} \right)\text{\\=}\sum\_{\text{DI}\text{∈}\text{t}}^{}{\text{FCESSUpliftPayment}\left( \text{f,DI} \right)}\]

where:

$a$ FCESSUpliftPayment(f,DI) is the FCESS Uplift Payment for Registered Facility f in Dispatch Interval DI as calculated under clause

9.10.3H; and

$b$ DI∈t denotes all Dispatch Intervals DI in Trading Interval t.

Explanatory Note

The following clauses calculate the Enablement Losses for a Registered Facility in respect of each individual FCESS, with the FCESS Uplift Payment for a Registered Facility in a Dispatch Interval being the maximum of the Enablement Losses calculated for the different FCESSs. Only Scheduled Facilities and Semi-Scheduled Facilities are eligible for FCESS Uplift Payments; for other Registered Facilities, both Enablement Losses and FCESS Uplift Payment amounts are set to zero.

For each FCESS, Enablement Losses are calculated in a Dispatch Interval where the Registered Facility is a Scheduled Facility or Semi-Scheduled Facility that is enabled to provide that FCESS for a quantity greater than zero, and is not deemed to be eligible for an Energy Uplift Payment (i.e. the mispricing trigger determined under clause 9.9.9 is equal to zero). The enablement quantity for each service is taken from the relevant payment calculation clause, so that it is adjusted accordingly where the Registered Facility is subject to an outage.

For an eligible Registered Facility, the Enablement Losses are the difference between its marginal energy offer price and the market clearing price for energy, multiplied by the effective Enablement Minimum for the FCESS. The effective Enablement Minimum (which must be positive) is by default the value provided by the Market Participant in its Real-Time Market Submission, but may also be an updated value determined by AEMO under clause 7.4.52.

9.10.3C. The Enablement Losses in respect of Contingency Reserve Raise

for Registered Facility f in Dispatch Interval DI are:

$a$ if Registered Facility f is a Scheduled Facility or Semi-Scheduled Facility:

\[\text{EnablementLosses\\CR(f,DI)}\_{\text{\\}}\text{=\\}\text{Max(0,\\EL\\CR\\Factor(f,DI)}\text{\\}\text{×}\text{\\}\frac{\text{5}}{\text{\\60}}\text{\\}\text{×}\text{\\LF(f,DI)\\}\]

× Max(0, EM_CR(f,DI)) × (LFAOP(f,DI) – Energy_MCP(DI)))

where:

i. EL_CR_Factor(f,DI) is:

1. 1 if:

i. CR_EnablementQuantity(f,DI), determined in accordance with clause

9.10.6(c) for Registered Facility f in Dispatch Interval DI, is greater

than zero; and

ii. IsMisPriced(f,DI), determined in accordance with clause 9.9.9 for Registered Facility f in Dispatch Interval DI, is equal to zero; and

2. zero otherwise;

ii. 5/60 represents the period of a Dispatch Interval in hours;

iii. LF(f,DI) is the Loss Factor applicable to the network connection point associated with Registered Facility f in Dispatch Interval DI;

iv. EM_CR(f,DI) is the Enablement Minimum for Contingency Reserve Raise for Registered Facility f in Dispatch Interval DI as specified in the relevant Real-Time Market Submission in accordance with clause 7.4.41(d) and updated by AEMO, if applicable, under clause 7.4.52;

v. LFAOP(f,DI) is the Loss Factor Adjusted Price in the Price-Quantity Pair which corresponds to EM_CR(f,DI) in the Real-Time Market Submission for energy for Registered Facility f and Dispatch Interval DI; and

vi. Energy_MCP(DI) is the Final Energy Market Clearing Price for Dispatch Interval DI; and

$b$ if Registered Facility f is not a Scheduled Facility or Semi-Scheduled Facility:

EnablementLosses_CR(f,DI)= 0

9.10.3D. The Enablement Losses in respect of Contingency Reserve Lower

for Registered Facility f in Dispatch Interval DI are:

$a$ if Registered Facility f is a Scheduled Facility or Semi-Scheduled Facility:

\[\text{EnablementLosses\\CL(f,DI)}\_{\text{\\}}\text{=}\text{Max(0,}\text{\\}\text{EL\\CL\\Factor(f,DI)\\}\text{×}\text{\\}\frac{\text{5}}{\text{\\60}}\text{\\}\text{×}\text{\\}\text{LF(f,DI)\\}\]

× Max(0, EM_CL(f,DI)) × (LFAOP(f,DI) – Energy_MCP(DI)))

where:

i. EL_CL_Factor(f,DI) is:

1. 1 if:

i. CL_EnablementQuantity(f,DI), determined in accordance with clause

9.10.10(c) for Registered Facility f in Dispatch Interval DI, is greater

than zero; and

ii. IsMisPriced(f,DI), determined in accordance with clause 9.9.9 for Registered Facility f in Dispatch Interval DI, is equal to zero; and

2. zero otherwise;

ii. 5/60 represents the period of a Dispatch Interval in hours;

iii. LF(f,DI) is the Loss Factor applicable to the network connection point associated with Registered Facility f in Dispatch Interval DI;

iv. EM_CL(f,DI) is the Enablement Minimum for Contingency Reserve Lower for Registered Facility f in Dispatch Interval DI as specified in the relevant Real-Time Market Submission in accordance with clause 7.4.41(d) and updated by AEMO, if applicable, under clause 7.4.52;

v. LFAOP(f,DI) is the Loss Factor Adjusted Price in the Price-Quantity Pair which corresponds to EM_CL(f,DI) in the Real-Time Market Submission for energy for Registered Facility f and Dispatch Interval DI; and

vi. Energy_MCP(DI) is the Final Energy Market Clearing Price for Dispatch Interval DI; and

$b$ if Registered Facility f is not a Scheduled Facility or Semi-Scheduled Facility:

EnablementLosses_CL(f,DI)= 0

9.10.3E. The Enablement Losses in respect of RoCoF Control Service for

Registered Facility f in Dispatch Interval DI are:

$a$ if Registered Facility f is a Scheduled Facility or Semi-Scheduled Facility:

\[\text{EnablementLosses\\RCS(f,DI)}\_{\text{\\}}\text{=}\text{Max(0,}\text{\\}\text{EL\\RCS\\Factor(f,DI)\\}\text{×}\text{\\}\frac{\text{5}}{\text{\\60}}\text{\\}\text{×}\text{\\}\text{LF(f,DI)\\}\]

× Max(0, EM_RCS(f,DI)) × (LFAOP(f,DI) – Energy_MCP(DI)))

where:

i. EL_RCS_Factor(f,DI) is:

1. 1 if:

i. RCS_EnablementQuantity(f,DI), determined in accordance with clause

9.10.14(c) for Registered Facility f in Dispatch Interval DI, is greater

than zero; and

ii. IsMisPriced(f,DI), determined in accordance with clause 9.9.9 for Registered Facility f in Dispatch Interval DI, is equal to zero; and

2. zero otherwise;

ii. 5/60 represents the period of a Dispatch Interval in hours;

iii. LF(f,DI) is the Loss Factor applicable to the network connection point associated with Registered Facility f in Dispatch Interval DI;

iv. EM_RCS(f,DI) is the Enablement Minimum for RoCoF Control Service for Registered Facility f in Dispatch Interval DI as specified in the relevant Real-Time Market Submission in accordance with clause 7.4.42(b) and updated by AEMO, if applicable, under clause 7.4.52;

v. LFAOP(f,DI) is the Loss Factor Adjusted Price in the Price-Quantity Pair which corresponds to EM_RCS(f,DI) in the Real-Time Market Submission for energy for Registered Facility f and Dispatch Interval DI; and

vi. Energy_MCP(DI) is the Final Energy Market Clearing Price for Dispatch Interval DI; and

$b$ if Registered Facility f is not a Scheduled Facility or Semi-Scheduled Facility:

EnablementLosses_RCS(f,DI)= 0

9.10.3F. The Enablement Losses in respect of Regulation Raise for

Registered Facility f in Dispatch Interval DI are:

$a$ if Registered Facility f is a Scheduled Facility or Semi-Scheduled Facility:

\[\text{EnablementLosses\\RR(f,DI)}\_{\text{\\}}\text{=}\text{Max(0,}\text{\\}\text{EL\\RR\\Factor(f,DI)\\}\text{×}\text{\\}\frac{\text{5}}{\text{\\60}}\text{\\}\text{×}\text{\\}\text{LF(f,DI)\\}\]

× Max(0, EM_RR(f,DI)) × (LFAOP(f,DI) – Energy_MCP(DI)))

where:

i. EL_RR_Factor(f,DI) is:

1. 1 if:

i. RR_EnablementQuantity(f,DI), determined in accordance with clause

9.10.22(c) for Registered Facility f in Dispatch Interval DI, is greater

than zero; and

ii. IsMisPriced(f,DI), determined in accordance with clause 9.9.9 for Registered Facility f in Dispatch Interval DI, is equal to zero; and

2. zero otherwise;

ii. 5/60 represents the period of a Dispatch Interval in hours;

iii. LF(f,DI) is the Loss Factor applicable to the network connection point associated with Registered Facility f in Dispatch Interval DI;

iv. EM_RR(f,DI) is the Enablement Minimum for Regulation Raise for Registered Facility f in Dispatch Interval DI as specified in the relevant Real-Time Market Submission in accordance with clause 7.4.41(d) and updated by AEMO, if applicable, under clause 7.4.52;

v. LFAOP(f,DI) is the Loss Factor Adjusted Price in the Price-Quantity Pair which corresponds to EM_RR(f,DI) in the Real-Time Market Submission for energy for Registered Facility f and Dispatch Interval DI; and

vi. Energy_MCP(DI) is the Final Energy Market Clearing Price for Dispatch Interval DI; and

$b$ if Registered Facility f is not a Scheduled Facility or Semi-Scheduled Facility:

EnablementLosses_RR(f,DI)= 0

9.10.3G. The Enablement Losses in respect of Regulation Lower for

Scheduled Facility or Semi-Scheduled Facility f in Dispatch Interval DI are:

$a$ if Registered Facility f is a Scheduled Facility or Semi-Scheduled Facility:

\[\text{EnablementLosses\\RL(f,DI)}\_{\text{\\}}\text{=}\text{Max(0,}\text{\\}\text{EL\\RL\\Factor(f,DI)\\}\text{×}\text{\\}\frac{\text{5}}{\text{\\60}}\text{\\}\text{×}\text{\\}\text{LF(f,DI)\\}\]

× Max(0, EM_RL(f,DI)) × (LFAOP(f,DI) – Energy_MCP(DI)))

where:

i. EL_RL_Factor(f,DI) is:

1. 1 if:

i. RL_EnablementQuantity(f,DI), determined in accordance with clause

9.10.23(c) for Registered Facility f in Dispatch Interval DI, is greater

than zero; and

ii. IsMisPriced(f,DI), determined in accordance with clause 9.9.9 for Registered Facility f in Dispatch Interval DI, is equal to zero; and

2. zero otherwise;

ii. 5/60 represents the period of a Dispatch Interval in hours;

iii. LF(f,DI) is the Loss Factor applicable to the network connection point associated with Registered Facility f in Dispatch Interval DI;

iv. EM_RL(f,DI) is the Enablement Minimum for Regulation Lower for Registered Facility f in Dispatch Interval DI as specified in the relevant Real-Time Market Submission in accordance with clause 7.4.41(d) and updated by AEMO, if applicable, under clause 7.4.52;

v. LFAOP(f,DI) is the Loss Factor Adjusted Price in the Price-Quantity Pair which corresponds to EM_RL(f,DI) in the Real-Time Market Submission for energy for Registered Facility f and Dispatch Interval DI; and

vi. Energy_MCP(DI) is the Final Energy Market Clearing Price for Dispatch Interval DI; and

$b$ if Registered Facility f is not a Scheduled Facility or Semi-Scheduled Facility:

EnablementLosses_RL(f,DI)= 0

9.10.3H. The FCESS Uplift Payment for Registered Facility f in Dispatch

Interval DI is:

FCESSUpliftPayment(f,DI)=Max(EnablementLosses_CR(f,DI),

EnablementLosses_CL(f,DI), EnablementLosses_RCS(f,DI),

EnablementLosses_RR(f,DI), EnablementLosses_RL(f,DI))

where:

$a$ EnablementLosses_CR(f,DI) is the Enablement Losses in respect of Contingency Reserve Raise for Registered Facility f in Dispatch Interval DI as calculated in accordance with clause 9.10.3C;

$b$ EnablementLosses_CL(f,DI) is the Enablement Losses in respect of Contingency Reserve Lower for Registered Facility f in Dispatch Interval DI as calculated in accordance with clause 9.10.3D;

$c$ EnablementLosses_RCS(f,DI) is the Enablement Losses in respect of RoCoF Control Service for Registered Facility f in Dispatch Interval DI as calculated in accordance with clause 9.10.3E;

$d$ EnablementLosses_RR(f,DI) is the Enablement Losses in respect of Regulation Raise for Registered Facility f in Dispatch Interval DI as calculated in accordance with clause 9.10.3F; and

$e$ EnablementLosses_RL(f,DI) is the Enablement Losses in respect of Regulation Lower for Registered Facility f in Dispatch Interval DI as calculated in accordance with clause 9.10.3G.

9.10.3I. The number of Frequency Co-optimised Essential System Services

to be allocated a share of the FCESS Uplift Payment for Registered Facility f in Dispatch Interval DI is:

$a$ if Registered Facility f is a Scheduled Facility or Semi-Scheduled Facility:

FCESSCount(f,DI) = EL_CR_Factor(f,DI) + EL_CL_Factor(f,DI) + EL_RCS_Factor(f,DI) + EL_RR_Factor(f,DI) + EL_RL_Factor(f,DI)

where:

i. EL_CR_Factor(f,DI) is the quantity determined for Registered Facility f in Dispatch Interval DI under clause 9.10.3C(a)(i);

ii. EL_CL_Factor(f,DI) is the quantity determined for Registered Facility f in Dispatch Interval DI under clause 9.10.3D(a)(i);

iii. EL_RCS_Factor(f,DI) is the quantity determined for Registered Facility f in Dispatch Interval DI under clause 9.10.3E(a)(i);

iv. EL_RR_Factor(f,DI) is the quantity determined for Registered Facility f in Dispatch Interval DI under clause 9.10.3F(a)(i); and

v. EL_RL_Factor(f,DI) is the quantity determined for Registered Facility f in Dispatch Interval DI under clause 9.10.3G(a)(i); and

$b$ if Registered Facility f is not a Scheduled Facility or Semi-Scheduled Facility:

FCESSCount(f,DI) = 0

in Dispatch Interval DI to be allocated to each applicable Frequency Co‑optimised Essential System Service is:

$a$ if FCESSCount(f,DI) is greater than zero:

\[\text{FCESSUplift}\text{\\}\text{Share}\text{(}\text{f}\text{,}\text{DI}\text{)} = \frac{\text{FCESSUpliftPayment(f,DI)}}{\text{FCESSCount(f,DI)}}\]

where:

i. FCESSUpliftPayment(f,DI) is the FCESS Uplift Payment determined for Registered Facility f in Dispatch Interval DI under clause 9.10.3H; and

ii. FCESSCount(f,DI) is the number of Frequency Co-optimised Essential System Services determined for Registered Facility f in Dispatch Interval DI under clause 9.10.3I; and

$b$ otherwise:

FCESSUplift_Share(f,DI) = 0

in Dispatch Interval DI to be allocated to Contingency Reserve Raise is:

$a$ if Registered Facility f is a Scheduled Facility or Semi-Scheduled Facility:

FCESSUplift_CR(f,DI) = FCESSUplift_Share(f,DI) × EL_CR_Factor(f,DI)

where:

i. FCESSUplift_Share(f,DI) is the share of the FCESS Uplift Payment for Registered Facility f in Dispatch Interval DI to be allocated to each applicable Frequency Co‑optimised Essential System Service, determined under clause 9.10.3J; and

ii. EL_CR_Factor(f,DI) is the quantity determined for Registered Facility f in Dispatch Interval DI under clause 9.10.3C(a)(i); and

$b$ if Registered Facility f is not a Scheduled Facility or Semi-Scheduled Facility:

FCESSUplift_CR(f,DI) = 0

in Dispatch Interval DI to be allocated to Contingency Reserve Lower is:

$a$ if Registered Facility f is a Scheduled Facility or Semi-Scheduled Facility:

FCESSUplift_CL(f,DI) = FCESSUplift_Share(f,DI) × EL_CL_Factor(f,DI)

where:

i. FCESSUplift_Share(f,DI) is the share of the FCESS Uplift Payment for Registered Facility f in Dispatch Interval DI to be allocated to each applicable Frequency Co‑optimised Essential System Service, determined under clause 9.10.3J; and

ii. EL_CL_Factor(f,DI) is the quantity determined for Registered Facility f in Dispatch Interval DI under clause 9.10.3D(a)(i); and

$b$ if Registered Facility f is not a Scheduled Facility or Semi-Scheduled Facility:

FCESSUplift_CL(f,DI) = 0

in Dispatch Interval DI to be allocated to the RoCoF Control Service is:

$a$ if Registered Facility f is a Scheduled Facility or Semi-Scheduled Facility:

FCESSUplift_RCS(f,DI) = FCESSUplift_Share(f,DI) × EL_RCS_Factor(f,DI)

where:

i. FCESSUplift_Share(f,DI) is the share of the FCESS Uplift Payment for Registered Facility f in Dispatch Interval DI to be allocated to each applicable Frequency Co‑optimised Essential System Service, determined under clause 9.10.3J; and

ii. EL_RCS_Factor(f,DI) is the quantity determined for Registered Facility f in Dispatch Interval DI under clause 9.10.3E(a)(i); and

$b$ if Registered Facility f is not a Scheduled Facility or Semi-Scheduled Facility:

FCESSUplift_RCS(f,DI) = 0

in Dispatch Interval DI to be allocated to Regulation Raise is:

$a$ if Registered Facility f is a Scheduled Facility or Semi-Scheduled Facility:

FCESSUplift_RR(f,DI) = FCESSUplift_Share(f,DI) × EL_RR_Factor(f,DI)

where:

i. FCESSUplift_Share(f,DI) is the share of the FCESS Uplift Payment for Registered Facility f in Dispatch Interval DI to be allocated to each applicable Frequency Co‑optimised Essential System Service, determined under clause 9.10.3J; and

ii. EL_RR_Factor(f,DI) is the quantity determined for Registered Facility f in Dispatch Interval DI under clause 9.10.3F(a)(i); and

$b$ if Registered Facility f is not a Scheduled Facility or Semi-Scheduled Facility:

FCESSUplift_RR(f,DI) = 0

in Dispatch Interval DI to be allocated to Regulation Lower is:

$a$ if Registered Facility f is a Scheduled Facility or Semi-Scheduled Facility:

FCESSUplift_RL(f,DI) = FCESSUplift_Share(f,DI) × EL_RL_Factor(f,DI)

where:

i. FCESSUplift_Share(f,DI) is the share of the FCESS Uplift Payment for Registered Facility f in Dispatch Interval DI to be allocated to each applicable Frequency Co‑optimised Essential System Service, determined under clause 9.10.3J; and

ii. EL_RL_Factor(f,DI) is the quantity determined for Registered Facility f in Dispatch Interval DI under clause 9.10.3G(a)(i); and

$b$ if Registered Facility f is not a Scheduled Facility or Semi-Scheduled Facility:

FCESSUplift_RL(f,DI) = 0

9.10.3P. AEMO must, as soon as practicable after each Settlement

Statement Date, publish on the WEM Website the FCESS Uplift Payment for each Scheduled Facility or Semi-Scheduled Facility for each Dispatch Interval in the relevant Trading Week, and the share of each FCESS Uplift Payment allocated to each Frequency Co-optimised Essential System Service.

Explanatory Note

The amount payable to Market Participant p for providing Contingency Reserve Raise on Trading Day d is the sum of the amounts payable to each Registered Facility f registered to Market Participant p for providing Contingency Reserve Raise on Trading Day d.

The amount payable for Registered Facility f providing Contingency Reserve Raise on Trading Day d is equal to the sum of the amount payable for Registered Facility f providing Contingency Reserve Raise for each Trading Interval t on Trading Day d.

9.10.4. The Contingency Reserve Raise amount payable to Market

Participant p for Trading Day d is:

\[\text{CR\\Payable}\left( \text{p,d} \right)\text{\\}\text{=}\sum\_{\text{f}\text{∈}\text{p}}^{}{\sum\_{\text{t}\text{∈}\text{d}}^{}{\text{CR\\Payable}\left( \text{f,t} \right)}}\]

where:

$a$ CR_Payable(f,t) is the Contingency Reserve Raise amount payable for Registered Facility f in Trading Interval t as calculated in accordance with clause 9.10.5;

$b$ f∈p denotes all Registered Facilities f registered to Market Participant p; and

$c$ t∈d denotes all Trading Intervals t in Trading Day d.

Explanatory Note

The amount payable to a Registered Facility f for providing Contingency Reserve Raise in Trading Interval t is the sum of the amount payable to the Registered Facility in each Dispatch Interval DI in Trading Interval t.

9.10.5. The Contingency Reserve Raise amount payable for Registered

Facility f in Trading Interval t is:

\[\text{CR\\Payable}\left( \text{f,t} \right)\text{\\=}\sum\_{\text{DI}\text{∈}\text{t}}^{}{\text{CR\\Payable}\left( \text{f,DI} \right)}\]

where:

$a$ CR_Payable(f,DI) is the Contingency Reserve Raise amount payable for Registered Facility f in Dispatch Interval DI as calculated in accordance with clause 9.10.6; and

$b$ DI∈t denotes all Dispatch Intervals DI in Trading Interval t.

Explanatory Note

The amount payable to a Registered Facility f for providing Contingency Reserve Raise in Dispatch Interval DI is the sum of the:

Contingency Reserve Raise Enablement Quantity for Registered Facility f for Dispatch Interval DI multiplied by the Contingency Raise Market Clearing Price multiplied by 5/60 (to reflect it is for a five-minute Dispatch Interval) multiplied by the Contingency Reserve Raise Performance Factor; and
Contingency Raise Availability Payment for Registered Facility f for the Dispatch Interval DI,

less the Contingency Raise SESSM Refund for the Registered Facility f for the Dispatch Interval DI (if applicable).

9.10.6. The Contingency Reserve Raise amount payable for Registered

Facility f in Dispatch Interval DI is:

\[\text{CR\\Payable}\left( \text{f,DI} \right)\text{\\}\text{=}\text{\\}\text{CR\\MCP}\left( \text{DI} \right)\text{\\}\text{×}\frac{\text{5}}{\text{\\}\text{60}}\text{\\}\text{×}\text{\\}\text{CR\\EnablementQuantity}\left( \text{f,\\DI} \right)\text{\\}\text{×}\]

CR_PerformanceFactor(f, DI) + CR_AvailabilityPayment(f,DI)−

CR_SESSMRefund(f,DI)

where:

$a$ CR_MCP(DI) is the Final Contingency Reserve Raise Market Clearing Price for Dispatch Interval DI;

$b$ 5/60 represents the period of a Dispatch Interval in hours;

$c$ CR_EnablementQuantity(f,DI) is:

i. subject to clause 9.10.6(c)(ii) the Essential System Service Enablement Quantity for Registered Facility f in Dispatch Interval DI for Contingency Reserve Raise as published under clause 7.13.1B(b); or

ii. if Registered Facility f is subject to a Planned Outage or a Forced Outage in Dispatch Interval DI and in AEMO’s view the sum of the quantities of Contingency Reserve Raise offered in the relevant Market Participant’s Real-Time Market Submission in respect of Registered Facility f for Dispatch Interval DI does not accurately reflect Registered Facility f’s capability to provide Contingency Reserve Raise, then AEMO’s reasonable estimate of Registered Facility f’s MW capability to provide Contingency Reserve Raise in Dispatch interval DI;

$d$ CR_PerformanceFactor(f,DI) is the relevant Facility Performance Factor for Registered Facility f in Dispatch Interval DI as published by AEMO under clause 7.13.1B(k);

$e$ CR_AvailabilityPayment(f,DI) is the SESSM Availability Payment to be made for Registered Facility f under each relevant SESSM Award in Dispatch Interval DI, as calculated following the steps set out in Appendix 2C and as finally calculated in clause 2.8(a) of Appendix 2C; and

$f$ CR_SESSMRefund(f,DI) is the refund payable by Market Participant p in respect of their Registered Facility f for Registered Facility f not meeting the SESSM Availability Requirements in Dispatch Interval DI in respect of Contingency Reserve Raise set out in each relevant SESSM Award as calculated following the steps set out in Appendix 2C and as finally calculated in clause 2.8(b) of Appendix 2C.

Explanatory Note

The total cost of procuring Contingency Reserve Raise in Dispatch Interval DI is the sum of the amounts payable to all Registered Facilities that provide Contingency Reserve Raise in Dispatch Interval DI.

Clause 9.10.7 is amended to clarify that the calculation only includes Registered Facilities.

9.10.7. The Contingency Reserve Raise amount payable in Dispatch

Interval DI is:

\[\text{CR\\Payable}\left( \text{DI} \right)\text{\\}\text{=}\sum\_{\text{f}\text{∈}\text{Facilities}}^{}{\text{CR\\Payable}\left( \text{f,DI} \right)} + \sum\_{\text{f}\text{∈}\text{Facilities}}^{}{\text{FCESSUplift\\CR}\left( \text{f,DI} \right)}\]

where:

$a$ CR_Payable(f,DI) is the Contingency Reserve Raise amount payable for Registered Facility f in Dispatch Interval DI calculated in accordance with clause 9.10.6;

$b$ FCESSUplift_CR(f,DI) is the share of the FCESS Uplift Payment for Registered Facility f in Dispatch Interval DI to be allocated to Contingency Reserve Raise, determined under clause 9.10.3K; and

$c$ f∈Facilities denotes all Registered Facilities f.

Explanatory Note

The amount payable to Market Participant p for providing Contingency Reserve Lower in Trading Day d is the sum of the amounts payable to each Registered Facility f registered to Market Participant p for providing Contingency Reserve Lower on Trading Day d.

The amount payable for Registered Facility f providing Contingency Reserve Lower on Trading Day d is the sum of the amount payable for Registered Facility f providing Contingency Reserve Lower for each Trading Interval t on Trading Day d.

9.10.8. The Contingency Reserve Lower amount payable to Market

Participant p for Trading Day d is:

\[\text{CL\\Payable}\left( \text{p,d} \right)\text{\\}\text{=}\sum\_{\text{f}\text{∈}\text{p}}^{}{\sum\_{\text{t}\text{∈}\text{d}}^{}{\text{CL\\Payable}\left( \text{f,t} \right)}}\]

where:

$a$ CL_Payable(f,t) is the Contingency Reserve Lower amount payable for Registered Facility f in Trading Interval t as calculated in accordance with clause 9.10.9;

$b$ f∈p denotes all Registered Facilities f registered to Market Participant p; and

$c$ t∈d denotes all Trading Intervals t in Trading Day d.

Explanatory Note

The amount payable for Registered Facility f providing Contingency Reserve Lower in Trading Interval t is the sum of the amount payable for Registered Facility f providing Contingency Reserve Lower in each Dispatch Interval DI in Trading Interval t.

9.10.9. The Contingency Reserve Lower amount payable for Registered

Facility f in Trading Interval t is:

\[\text{CL\\Payable(f,t)}\text{\\}\text{=}\sum\_{\text{DI}\text{∈}\text{t}}^{}\text{CL\\Payable(f,DI)}\]

where:

$a$ CL_Payable(f,DI) is the Contingency Reserve Lower amount payable for Registered Facility f in Dispatch Interval DI as calculated in accordance with clause 9.10.10; and

$b$ DI∈t denotes all Dispatch Intervals DI in Trading Interval t.

Explanatory Note

The amount payable for Registered Facility f providing Contingency Reserve Lower in Dispatch Interval DI is the sum of the:

Contingency Reserve Lower Enablement Quantity for Registered Facility f for Dispatch Interval DI multiplied by the Contingency Reserve Raise Market Clearing Price multiplied by the Contingency Lower Market Clearing Price multiplied by 5/60 (to reflect it is a five-minute Dispatch Interval) multiplied by the Contingency Reserve Lower Performance Factor; and
Contingency Reserve Lower Availability Payment for Registered Facility f for Dispatch Interval DI,

less the Contingency Reserve Lower SESSM Refund for Registered Facility f for Dispatch Interval DI (if applicable).

9.10.10. The Contingency Reserve Lower amount payable for Registered

Facility f in Dispatch Interval DI is:

\[\text{CL\\Payable}\left( \text{f,DI} \right)\text{\\=\\CL\\MCP}\left( \text{DI} \right)\text{\\×}\frac{\text{5}}{\text{\\60}}\text{\\×\\CL\\EnablementQuantity}\left( \text{f,\\DI} \right)\text{\\×}\]

CL_PerformanceFactor(f, DI) + CL_AvailabilityPayment(f,DI)−

CL_SESSMRefund(f,DI)

where:

$a$ CL_MCP(DI) is the Final Contingency Reserve Lower Market Clearing Price for Dispatch Interval DI;

$b$ 5/60 represents the period of a Dispatch Interval in hours;

$c$ CL_EnablementQuantity(f,DI) is:

i. subject to clause 9.10.10(c)(ii) the Essential System Service Enablement Quantity for Registered Facility f in Dispatch Interval DI for Contingency Reserve Lower; or

ii. if Registered Facility f is subject to a Planned Outage or a Forced Outage in Dispatch Interval DI and in AEMO’s view the sum of the quantities of Contingency Reserve Lower offered in the relevant Market Participant’s Real-Time Market Submission in respect of Registered Facility f for Dispatch Interval DI does not accurately reflect Registered Facility f’s capability to provide Contingency Reserve Lower, then AEMO’s reasonable estimate of Registered Facility f’s MW capability to provide Contingency Reserve Lower in Dispatch interval DI;

$d$ CL_PerformanceFactor(f,DI) is the relevant Facility Performance Factor for Registered Facility f in Dispatch Interval DI as published by AEMO under clause 7.13.1B(k);

$e$ CL_AvailabilityPayment(f,DI) is the SESSM Availability Payment to be made for Registered Facility f under each relevant SESSM Award in Dispatch Interval DI, as calculated following the steps set out in Appendix 2C and as finally calculated in clause 2.8(a) of Appendix 2C; and

$f$ CL_SESSMRefund(f,DI) is the refund payable by Market Participant p in respect of their Registered Facility f for Registered Facility f not meeting the SESSM Availability Requirements in Dispatch Interval DI in respect of Contingency Reserve Lower set out in in each relevant SESSM Award as calculated following the steps set out in Appendix 2C and as finally calculated in clause 2.8(b) of Appendix 2C.

Explanatory Note

The total cost of procuring Contingency Reserve Lower in Dispatch Interval DI is the sum of the amounts payable to all Registered Facilities that provide Contingency Reserve Lower in Dispatch Interval DI.

Clause 9.10.11(b) is amended to clarify that the calculation only includes Registered Facilities.

9.10.11. The total cost of procuring Contingency Reserve Lower in

Trading Interval t is:

\[\text{CL\\Payable}\left( \text{t} \right)\text{\\}\text{=}\sum\_{\text{f}\text{∈}\text{Facilities}}^{}{\text{CL\\Payable}\left( \text{f,t} \right)} + \sum\_{\text{f}\text{∈}\text{Facilities}}^{}{\sum\_{\text{DI}\text{∈}\text{t}}^{}{\text{FCESSUplift\\CL}\left( \text{f,DI} \right)}}\]

where:

$a$ CL_Payable(f,t) is the Contingency Reserve Lower amount payable for Registered Facility f in Trading Interval t as calculated in accordance with clause 9.10.9;

$b$ FCESSUplift_CL(f,DI) is the share of the FCESS Uplift Payment for Registered Facility f in Dispatch Interval DI to be allocated to Contingency Reserve Lower, determined under clause 9.10.3L;

$c$ f∈Facilities denotes all Registered Facilities f; and

$d$ DI∈t denotes all Dispatch Intervals DI in Trading Interval t.

Explanatory Note

The amount payable to Market Participant p for providing RoCoF Control Service on Trading Day d is the sum of the amount payable to each Registered Facility f registered to Market Participant p for providing RoCoF Control Service on Trading Day d.

The amount payable for Registered Facility f providing RoCoF Control Service on Trading Day d is equal to the sum of the amount payable for Registered Facility f providing RoCoF Control Service for each Trading Interval t on Trading Day d.

9.10.12. The RoCoF Control Service amount payable to Market

Participant p for Trading Day d is:

\[\text{RCS\\Payable}\left( \text{p,d} \right)\text{\\}\text{=}\sum\_{\text{f}\text{∈}\text{p}}^{}{\sum\_{\text{t}\text{∈}\text{d}}^{}{\text{RCS\\Payable}\left( \text{f,t} \right)}}\]

where:

$a$ RCS_Payable(f,t) is the RoCoF Control Service amount payable for Registered Facility f in Trading Interval t as calculated in accordance with clause 9.10.13;

$b$ f∈p denotes all Registered Facilities f registered to Market Participant p; and

$c$ t∈d denotes all Trading Intervals t in Trading Day d.

Explanatory Note

The amount payable Registered Facility f providing RoCoF Control Service in Trading Interval t is the sum of the amount payable for Registered Facility providing RoCoF Control Service in each Dispatch Interval DI in Trading Interval t.

9.10.13. The RoCoF Control Service amount payable for Registered

Facility f in Trading Interval t is:

\[\text{RCS\\Payable}\left( \text{f,t} \right)\text{\\}\text{=}\sum\_{\text{DI}\text{∈}\text{t}}^{}{\text{RCS\\Payable}\left( \text{f,DI} \right)}\]

where:

$a$ RCS_Payable(f,DI) is the RoCoF Control Service amount payable for Registered Facility f in Dispatch Interval DI as calculated in accordance with clause 9.10.14; and

$b$ DI∈t denotes all Dispatch Intervals DI in Trading Interval t.

Explanatory Note

The amount payable for Registered Facility f providing RoCoF Control Service in Dispatch Interval DI is the sum of:

the RoCoF Control Service Enablement quantity for Registered Facility f for Dispatch Interval DI multiplied by the RoCoF Control Service Market Clearing Price multiplied by 5/60 (to reflect it is for a five-minute Dispatch Interval) multiplied by the RoCoF Control Service Performance Factor; and
RoCoF Control Service Availability Payment for the Registered Facility for the Dispatch Interval DI,

less the RoCoF Control Service SESSM Refund for the Registered Facility for the Dispatch Interval (if applicable).

9.10.14. The RoCoF Control Service amount payable for Registered

Facility f in Dispatch Interval DI is:

\[\text{RCS\\Payable}\left( \text{f,DI} \right)\text{\\=\\RCS\\MCP}\left( \text{DI} \right)\text{\\×}\frac{\text{5}}{\text{\\60}}\text{\\×\\RCS\\EnablementQuantity}\left( \text{f,\\DI} \right)\text{\\×}\]

RCS_PerformanceFactor(f, DI) + RCS_AvailabilityPayment(f,DI)−

RCS_SESSMRefund(f,DI)

where:

$a$ RCS_MCP(DI) is the Final RoCoF Control Service Market Clearing Price for Dispatch Interval DI;

$b$ 5/60 represents the period of a Dispatch Interval in hours;

$c$ RCS_EnablementQuantity(f,DI) is:

i. subject to clause 9.10.14(c)(ii) the Essential System Service Enablement Quantity for Registered Facility f in Dispatch Interval DI for RoCoF Control Service; or

ii. if Registered Facility f is subject to a Planned Outage or a Forced Outage in Dispatch Interval DI and in AEMO’s view the sum of the quantities of RoCoF Control Service offered in the relevant Market Participant’s Real-Time Market Submission in respect of Registered Facility f for Dispatch Interval DI does not accurately reflect Registered Facility f’s capability to provide RoCoF Control Service, then AEMO’s reasonable estimate of Registered Facility f’s MWs capability to provide RoCoF Control Service in Dispatch interval DI;

$d$ RCS_PerformanceFactor(f,DI) is the relevant Facility Performance Factor for Registered Facility f in Dispatch Interval DI as published by AEMO under clause 7.13.1B(k);

$e$ RCS_AvailabilityPayment(f,DI) is the SESSM Availability Payment to be made for Registered Facility f under each relevant SESSM Award in Dispatch Interval DI, as calculated following the steps set out in Appendix 2C and as finally calculated in clause 2.8(a) of Appendix 2C; and

$f$ RCS_SESSMRefund(f,DI) is the refund payable by Market Participant p in respect of their Registered Facility f for Registered Facility f not meeting the SESSM Availability Requirements in Dispatch Interval DI in respect of RoCoF Control Service set out in each relevant SESSM Award as calculated following the steps set out in Appendix 2C and as finally calculated in clause 2.8(b) of Appendix 2C.

Explanatory Note

The total cost of procuring RoCoF Control Service in Dispatch Interval DI is the sum of the amounts payable to all Registered Facilities f that provide RoCoF Control Service in Dispatch Interval DI.

Clause 9.10.15 is amended to clarify that the calculation only includes Registered Facilities.

9.10.15. The cost of procuring RoCoF Control Service in Dispatch

Interval DI is:

\[\text{RCS\\Payable}\left( \text{DI} \right)\text{\\}\text{=}\sum\_{\text{f}\text{∈}\text{Facilities}}^{}{\text{RCS\\Payable}\left( \text{f,DI} \right)} + \sum\_{\text{f}\text{∈}\text{Facilities}}^{}{\text{FCESSUplift\\RCS}\left( \text{f,DI} \right)}\]

where:

$a$ RCS_Payable(f,DI) is the RoCoF Control Service amount payable for Registered Facility f in Dispatch Interval DI as calculated in accordance with clause 9.10.14;

$b$ FCESSUplift_RCS(f,DI) is the share of the FCESS Uplift Payment for Registered Facility f in Dispatch Interval DI to be allocated to the RoCoF Control Service, determined under clause 9.10.3M; and

$c$ f∈Facilities denotes all Registered Facilities f.

Explanatory Note

The RoCoF Control Service provides the RoCoF Control Requirement. It comprises:

Minimum RoCoF Control Requirement; and
Additional RoCoF Control Requirement.

See clause 7.5.12 for more information about the RoCoF Control Requirement.

The cost of the Minimum RoCoF Control Requirement of the RoCoF Control Service in Dispatch Interval DI is:

the total cost of the RoCoF Control Service in Dispatch Interval DI,

multiplied by

the Minimum RoCoF Control Requirement in Dispatch Interval DI divided by the total Minimum RoCoF Control Requirement in Dispatch Interval DI.

9.10.16. AEMO must calculate the cost of procuring the Minimum RoCoF

Control Requirement component of RoCoF Control Service in Dispatch Interval DI. Subject to clause 9.10.17, the cost of procuring the Minimum RoCoF Control Requirement component of RoCoF Control Service in Dispatch Interval DI is:

\[\text{MinRCS\\Payable}\left( \text{DI} \right)\text{\\}\text{=}\text{\\}\text{RCS\\Payable}\left( \text{DI} \right)\text{\\}\text{×}\text{\\}\frac{\text{MinRoCoFControlRequirement(DI)}}{\text{RoCoFControlRequirement(DI)}}\]

where:

$a$ RCS_Payable(DI) is the cost of procuring RoCoF Control Service in Dispatch Interval DI as calculated in accordance with clause 9.10.15;

$b$ MinRoCoFControlRequirement(DI) is the Minimum RoCoF Control Requirement in Dispatch Interval DI as published by AEMO under clause 7.13.1B(f); and

$c$ RoCoFControlRequirement(DI) is the RoCoF Control Requirement in Dispatch Interval DI as published by AEMO under clause 7.13.1B(h).

9.10.17. AEMO must calculate the cost of procuring the Minimum RoCoF

Control Requirement component of RoCoF Control Service in Dispatch Interval DI, MinRCS_Payable(DI), as zero if the RoCoF Control Requirement in Dispatch Interval DI is zero.

Explanatory Note

The total cost of the Minimum RoCoF Control Requirement in Trading Interval t is the sum of the total cost of the Minimum RoCoF Control Requirement for each Dispatch Interval DI in Trading Interval t.

9.10.18. The cost associated with procuring the Minimum RoCoF Control

Requirement component of RoCoF Control Service in Trading Interval t is:

\[\text{MinRCS\\Payable}\left( \text{t} \right)\text{\\}\text{=}\sum\_{\text{DI}\text{∈}\text{t}}^{}{\text{MinRCS\\Payable}\left( \text{DI} \right)}\]

where:

$a$ MinRCS_Payable(DI) is the cost of procuring the Minimum RoCoF Control Requirement component of RoCoF Control Service in Dispatch Interval DI as calculated in accordance with clause 9.10.16; and

$b$ DI∈t denotes all Dispatch Intervals DI in Trading Interval t.

Explanatory Note

The cost of the Additional RoCoF Control Requirement in Dispatch Interval DI is the total cost of the RoCoF Control Service in Dispatch Interval DI less the cost of the Minimum RoCoF Control Requirement in Dispatch Interval DI.

9.10.19. The cost of procuring the Additional RoCoF Control Requirement

component of RoCoF Control Service in Dispatch Interval DI is:

AdditionalRCS_Payable(DI) = RCS_Payable(DI) − MinRCS_Payable(DI)

where:

$a$ RCS_Payable(DI) is the cost of procuring RoCoF Control Service in Dispatch Interval DI as calculated in accordance with clause 9.10.15; and

$b$ MinRCS_Payable(DI) is the cost of procuring the Minimum RoCoF Control Requirement component of RoCoF Control Service in Dispatch Interval DI as calculated in accordance with clause 9.10.16.

Explanatory Note

The amount payable to Market Participant p for providing Regulation on Trading Day d is the sum of the amount payable to each Registered Facility f registered to Market Participant p for providing Regulation on Trading Day d.

The amount payable for Registered Facility f providing Regulation on Trading Day d is equal to the sum of the amount payable for Facility f providing Regulation for each Trading Interval t on Trading Day d.

9.10.20. The Regulation amount payable to Market Participant p for

Trading Day d is:

\[\text{Regulation}\text{\\}\text{Payable(p,d)\\}\text{=}\sum\_{\text{f}\text{∈}\text{p}}^{}{\sum\_{\text{t}\text{∈}\text{d}}^{}{\text{Regulation}\text{\\}\text{Payable(f,t)}}}\]

where:

$a$ Regulation_Payable(f,t) is the Regulation amount payable for Registered Facility f in Trading Interval t as calculated in accordance with clause 9.10.21;

$b$ f∈p denotes all Registered Facilities f registered to Market Participant p; and

$c$ t∈d denotes all Trading Intervals t in Trading Day d.

Explanatory Note

The amount payable for Registered Facility f providing Regulation in Trading Interval t is the sum of:

the Regulation Raise amount payable for Registered Facility f in each Dispatch Interval DI in Trading Interval t; and
the Regulation Lower amount payable for Registered Facility f in each Dispatch Interval DI in Trading Interval t.

9.10.21. The Regulation amount payable for Registered Facility f in

Trading Interval t is:

\[\text{Regulation\\Payable}\left( \text{f,t} \right)\text{\\=}\sum\_{\text{DI}\text{∈}\text{t}}^{}\left( \text{RR\\Payable}\left( \text{f,DI} \right)\text{\\+\\RL\\Payable}\left( \text{f,DI} \right) \right)\]

where:

$a$ RR_Payable(f,DI) is the Regulation Raise amount payable for Registered Facility f in Dispatch Interval DI as calculated in accordance with clause 9.10.22;

$b$ RL_Payable(f,DI) is the Regulation Lower amount payable for Registered Facility f in Dispatch Interval DI as calculated in accordance with clause 9.10.23; and

$c$ DI∈t denotes all Dispatch Intervals DI in Trading Interval t.

Explanatory Note

The amount payable for Registered Facility f providing Regulation Raise in Dispatch Interval DI is the sum of:

The Regulation Raise Enablement Quantity for Registered Facility f for Dispatch Interval DI multiplied by the Regulation Raise Market Clearing Price multiplied by 5/60 (to reflect it is for a five-minute Dispatch Interval) multiplied by the Performance Factor; and
Regulation Raise Availability Payment for the Registered Facility for the Dispatch Interval DI,

less the Regulation Raise SESSM Refund for the Registered Facility for the Dispatch Interval (if applicable).

The Performance Factor for Regulation Raise and Regulation Lower will be 1 at Market Start.

9.10.22. The Regulation Raise amount payable for Registered Facility f

in Dispatch Interval DI is:

\[\text{RR\\Payable}\left( \text{f,DI} \right)\text{\\=\\RR\\MCP}\left( \text{DI} \right)\text{\\×}\frac{\text{5}}{\text{\\60}}\text{\\×\\RR\\EnablementQuantity}\left( \text{f,\\DI} \right)\text{\\×}\]

RR_PerformanceFactor(f, DI) + RR_AvailabilityPayment(f,DI)−

RR_SESSMRefund(f,DI)

where:

$a$ RR_MCP(DI) is the Final Regulation Raise Market Clearing Price for Dispatch Interval DI;

$b$ 5/60 represents the period of a Dispatch Interval in hours;

$c$ RR_EnablementQuantity(f,DI) is:

i. subject to clause 9.10.22(c)(ii) the Essential System Service Enablement Quantity for Registered Facility f in Dispatch Interval DI for Regulation Raise; or

ii. if Registered Facility f is subject to a Planned Outage or a Forced Outage in Dispatch Interval DI and in AEMO’s view the sum of the quantities of Regulation Raise offered in the relevant Market Participant’s Real-Time Market Submission in respect of Registered Facility f for Dispatch Interval DI does not accurately reflect Registered Facility f’s capability to provide Regulation Raise, then AEMO’s reasonable estimate of Registered Facility f’s MW capability to provide Regulation Raise in Dispatch Interval DI;

$d$ RR_PerformanceFactor(f,DI) is the relevant Facility Performance Factor for Registered Facility f in Dispatch Interval DI as published by AEMO under clause 7.13.1B(k);

$e$ RR_AvailabilityPayment(f,DI) is the SESSM Availability Payment to be made for Registered Facility f under each relevant SESSM Award in Dispatch Interval DI, as calculated following the steps set out in Appendix 2C and as finally calculated in clause 2.8(a) of Appendix 2C; and

$f$ RR_SESSMRefund(f,DI) is the refund payable by Market Participant p in respect of their Registered Facility f for Registered Facility f not meeting the SESSM Availability Requirements in Dispatch Interval DI in respect of Regulation Raise set out in each relevant SESSM Award as calculated following the steps set out in Appendix 2C and as finally calculated in clause 2.8(b) of Appendix 2C.

Explanatory Note

The amount payable to Registered Facility f for providing Regulation Lower in Dispatch Interval DI is the sum of:

The Regulation Lower Enablement Quantity for Registered Facility f for Dispatch Interval DI multiplied by the Regulation Lower Market Clearing Price multiplied by 5/60 (to reflect it is for a five-minute Dispatch Interval) multiplied by the Performance Factor; and
Regulation Lower Availability Payment for the Registered Facility for the Dispatch Interval DI;

less the Regulation Lower SESSM Refund for the Registered Facility for the Dispatch Interval (if applicable)

9.10.23. The Regulation Lower amount payable for Registered Facility f

in Dispatch Interval DI is:

\[\text{RL\\Payable}\left( \text{f,DI} \right)\text{\\=\\RL\\MCP}\left( \text{DI} \right)\text{\\×}\frac{\text{5}}{\text{\\60}}\text{\\×\\RL\\EnablementQuantity}\left( \text{f,\\DI} \right)\text{\\×}\]

RL_PerformanceFactor(f, DI) + RL_AvailabilityPayment(f,DI)−

RL_SESSMRefund(f,DI)

where:

$a$ RL_MCP(DI) is the Final Regulation Lower Market Clearing Price for Dispatch Interval DI;

$b$ 5/60 represents the period of a Dispatch Interval in hours;

$c$ RL_EnablementQuantity(f,DI) is:

i. subject to clause 9.10.23(c)(ii) the Essential System Service Enablement Quantity for Registered Facility f in Dispatch Interval DI for Regulation Lower; or

ii. if Registered Facility f is subject to a Planned Outage or a Forced Outage in Dispatch Interval DI and in AEMO’s view the sum of the quantities of Regulation Lower offered in the relevant Market Participant’s Real-Time Market Submission in respect of Registered Facility f for Dispatch Interval DI does not accurately reflect Registered Facility f’s capability to provide Regulation Lower, then AEMO’s reasonable estimate of Registered Facility f’s MW capability to provide Regulation Lower in Dispatch Interval DI;

$d$ RL_PerformanceFactor(f,DI) is the relevant Facility Performance Factor for Registered Facility f in Dispatch Interval DI as published by AEMO under clause 7.13.1B(k);

$e$ RL_AvailabilityPayment(f,DI) is the SESSM Availability Payment to be made for Registered Facility f under each relevant SESSM Award in Dispatch Interval DI, as calculated following the steps set out in Appendix 2C and as finally calculated in clause 2.8(a) of Appendix 2C; and

$f$ RL_SESSMRefund(f,DI) is the refund payable by Market Participant p in respect of their Registered Facility f for Registered Facility f not meeting the SESSM Availability Requirements in Dispatch Interval DI in respect of Regulation Lower set out in each relevant SESSM Award as calculated following the steps set out in Appendix 2C and as finally calculated in clause 2.8(b) of Appendix 2C.

Explanatory Note

The total cost of procuring Regulation in Trading Interval t is the sum of the amounts payable to all Registered Facilities f that provide Regulation in Trading Interval t.

Clause 9.10.24 is amended to clarify that the calculation only includes Registered Facilities.

9.10.24. The total cost of procuring Regulation in Trading Interval t

is:

\[\text{Regulation\\Payable}\left( \text{t} \right)\text{\\=}\sum\_{\text{f}\text{∈}\text{Facilities}}^{}\text{Regulation\\Payable(f,t)} + \sum\_{\text{f}\text{∈}\text{Facilities}}^{}{\sum\_{\text{DI}\text{∈}\text{t}}^{}{\text{FCESSUplift\\RR}\left( \text{f,DI} \right) + \sum\_{\text{f}\text{∈}\text{Facilities}}^{}{\sum\_{\text{DI}\text{∈}\text{t}}^{}{\text{FCESSUplift\\RL}\left( \text{f,DI} \right)}}}}\]

where:

$a$ Regulation_Payable(f,t) is the Regulation amount payable for Registered Facility f in Trading Interval t as calculated in accordance with clause 9.10.21;

$b$ FCESSUplift_RR(f,DI) is the share of the FCESS Uplift Payment for Registered Facility f in Dispatch Interval DI to be allocated to Regulation Raise, determined under clause 9.10.3N;

$c$ FCESSUplift_RL(f,DI) is the share of the FCESS Uplift Payment for Registered Facility f in Dispatch Interval DI to be allocated to Regulation Lower, determined under clause 9.10.3O;

$d$ f∈Facilities denotes all Registered Facilities f; and

$e$ DI∈t denotes all Dispatch Intervals DI in Trading Interval t.

Explanatory Note

The amount payable to Market Participant p for providing System Restart Services in Trading Day d is the sum of the amount payable to Market Participant p in each Trading Interval t in Trading Day d.

A Market Participant will provide System Restart Services on a contractual basis.

9.10.25. The System Restart Services amount payable to Market

Participant p for Trading Day d is:

\[\text{SR}\text{S\\Payable(p,d)}\_{\text{\\}}\text{=}\sum\_{\text{t}\text{∈}\text{d}}^{}{\text{SR}\text{S\\Payable(p,t)}\_{\text{\\}}}\]

where:

$a$ SRS_Payable(p,t) is the System Restart Services amount payable to Market Participant p for System Restart Services in Trading Interval t as calculated in accordance with clause 9.10.26; and

$b$ t∈d denotes all Trading Intervals t in Trading Day d.

Explanatory Note

The amount payable to Market Participant p for providing System Restart Services in Trading Interval t is the sum of the amount payable to Market Participant p for each relevant contract c in Trading Interval t.

Clause 9.10.26(a) is amended to remove the payment calculation option specified in clause 9.10.26(a)(ii), which will not be used for System Restart Service Contracts.

9.10.26. The System Restart Services amount payable to Market

Participant p for System Restart Services in Trading Interval t is:

\[\text{SR}\text{S\\Payable(p,t)}\_{\text{\\}}\text{=}\sum\_{\text{c}\text{∈}\text{p}}^{}{\text{SR}\text{S\\Payable(c,t)}\_{\text{\\}}}\]

where:

$a$ SRS_Payable(c,t) is the applicable dollar amount payable to Market Participant p in Trading Interval t for System Restart Services under each relevant System Restart Service Contract to which Market Participant p is a counterparty; and

$b$ c∈p denotes all System Restart Service Contracts to which Market Participant p is a counterparty.

Explanatory Note

The total cost of procuring System Restart Services in Trading Interval t is the sum of the amounts payable to all Market Participants that provide System Restart Services in Trading Interval t.

9.10.27. The total cost of procuring System Restart Services in Trading

Interval t is:

\[\text{SR}\text{S\\Payable(t)}\_{\text{\\}} = \sum\_{\text{p}\text{∈}\text{P}}^{}{\text{SR}\text{S\\Payable(p,t)}\_{\text{\\}}}\]

where:

$a$ SRS_Payable(p,t) is the System Restart Services amount payable to Market Participant p for System Restart Services in Trading Interval t as calculated in accordance with clause 9.10.26; and

$b$ p∈P denotes all Market Participants.

Explanatory Note

The amount payable to Market Participant p for providing Non-Cooptimised Essential System Services in Trading Day d is the sum of the amount payable to Market Participant p in each Trading Interval t in Trading Day d.

A Market Participant will provide Non-Cooptimised Essential System Services on a contractual basis.

9.10.27A. The NCESS amount payable to Market Participant p for Trading

Day d is:

\[\text{NCESS\\Payable(p,d)}\_{\text{\\}}\text{=}\sum\_{\text{t}\text{∈}\text{d}}^{}\text{NCESS\\Payable(p,t)}\_{\text{\\}}\]

where:

$a$ NCESS_Payable(p,t) is the NCESS amount payable to Market Participant p for NCESS in Trading Interval t as calculated in accordance with clause 9.10.27B; and

$b$ t∈d denotes all Trading Intervals t in Trading Day d.

Explanatory Note

The amount payable to Market Participant p for providing Non-Cooptimised Essential System Services in Trading Interval t is the sum of the amount payable to Market Participant p in each Dispatch Interval DI in Trading Interval t.

9.10.27B. The NCESS amount payable to Market Participant p for NCESS in

Trading Interval t is:

\[\text{NCESS\\Payable(p,t)}\_{\text{\\}}\text{=}\sum\_{\text{DI}\text{∈}\text{t}}^{}\text{NCESS\\Payable(p,DI)}\_{\text{\\}}\]

where:

$a$ NCESS_Payable(p,DI) is the applicable dollar amount payable to Market Participant p in Dispatch Interval DI for NCESS, as calculated under clause 9.10.27C; and

$b$ DI∈t denotes all Dispatch Intervals in Trading Interval t.

Explanatory Note

The amount payable to Market Participant p for providing Non-Cooptimised Essential System Services in Dispatch Interval DI is the sum of the amount payable to Market Participant p for each relevant contract c in Dispatch Interval DI.

9.10.27C. The NCESS amount payable to Market Participant p for NCESS in

Dispatch Interval DI is:

\[\text{NCESS\\Payable(p,DI)}\_{\text{\\}}\text{=}\sum\_{\text{c}\text{∈}\text{p}}^{}\text{NCESS\\Payable(c,DI)}\_{\text{\\}}\]

where:

$a$ NCESS_Payable(c,DI) is the applicable dollar amount payable to Market Participant p in Dispatch Interval DI for NCESS under each relevant NCESS Contract which Market Participant p has entered into with AEMO as provided under clause 5.9.1; and

$b$ c∈p denotes all NCESS Contracts to which Market Participant p is a counterparty.

Explanatory Note

The total cost of procuring Non-Cooptimised Essential System Services in Trading Interval t is the sum of the amounts payable to all Market Participants that provide Non-Cooptimised Essential System Services in Trading Interval t.

9.10.27D. The total cost of procuring NCESS in Trading Interval t is:

\[\text{NCESS\\Payable(t)}\_{\text{\\}} = \sum\_{\text{p}\text{∈}\text{P}}^{}\text{NCESS\\Payable(p,t)}\_{\text{\\}}\]

where:

$a$ NCESS_Payable(p,t) is the NCESS amount payable to Market Participant p for NCESS in Trading Interval t as calculated in accordance with clause 9.10.27B; and

$b$ p∈P denotes all Market Participants.

Explanatory Note

The amount recoverable from Rule Participant p for contributing to the Essential System Services requirement in Trading Day d is the sum of the following components, each calculated for Rule Participant p for Trading Day d:

Contingency Reserve Raise amount recoverable;
Contingency Reserve Lower amount recoverable;
RoCoF Control Service amount recoverable;
Regulation amount recoverable; and
System Restart Services amount recoverable.

All ESS recoverable amounts are calculated at the Trading Interval level, except Contingency Reserve Raise. This is because meter data is only available at 30-minute intervals until five-minute settlement is implemented on 1 October 2025.

Contingency Reserve Raise cost recovery amounts are calculated at the Dispatch Interval level because it uses quantities calculated in the Dispatch Engine rather than metered schedules.

9.10.28. The Essential System Service amount recoverable from Rule

Participant p for Trading Day d is:

ESS_Recoverable(p,d) = CR_Recoverable(p,d) + CL_Recoverable(p,d) +

RCS_Recoverable(p,d) + Regulation_Recoverable(p,d) + SRS_Rcoverable(p,d) +NCESS_Recoverable(p,d)

where:

$a$ CR_Recoverable(p,d) is the Contingency Reserve Raise amount recoverable from Market Participant p for Trading Day d calculated in accordance with clause 9.10.29;

$b$ CL_Recoverable(p,d) is the Contingency Reserve Lower amount recoverable from Market Participant p for Trading Day d calculated in accordance with clause 9.10.31;

$c$ RCS_Recoverable(p,d) is the RoCoF Control Service amount recoverable from Rule Participant p for Trading Day d calculated in accordance with clause 9.10.33;

$d$ Regulation_Recoverable(p,d) is the Regulation amount recoverable from Market Participant p for Trading Day d calculated in accordance with clause 9.10.35; and

$e$ SRS_Recoverable(p,d) is the System Restart Service amount recoverable from Market Participant p for Trading Day d calculated in accordance with clause 9.10.40; and

$f$ NCESS_Recoverable(p,d) is the NCESS amount recoverable from Market Participant p for Trading Day d calculated in accordance with clause 9.10.44.

Explanatory Note

The amount recoverable from Market Participant p for Contingency Reserve Raise on Trading Day d is the sum of the amount recoverable from Market Participant p for Contingency Reserve Raise for each Trading Interval t in Trading Day d.

9.10.29. The Contingency Reserve Raise amount recoverable from Market

Participant p for Trading Day d is:

\[\text{C}\text{R\\Recoverable(p,d)}\_{\text{\\}}\text{=}\sum\_{\text{t}\text{∈}\text{d}}^{}{\text{C}\text{R\\Recoverable(p,t)}\_{\text{\\}}}\]

where:

$a$ CR_Recoverable(p,t) is the Contingency Reserve Raise amount recoverable from Market Participant p for Trading Interval t calculated in accordance with clause 9.10.30; and

$b$ t∈d denotes all Trading Intervals t in Trading Day d.

Explanatory Note

The amount recoverable from Market Participant p for Contingency Reserve Raise in Trading Interval t is the:

amount recoverable from Market Participant p for Dispatch Interval DI,

multiplied by

the runway share for Market Participant p for Dispatch Interval DI summed for all Dispatch Intervals DI in Trading Interval t.

The runway share for Market Participant p is calculated in Appendix 2A. It calculates Market Participant p’s contribution to the Contingency Reserve Raise requirement.

The runway share is also used for the allocation of the Additional RoCoF Control Requirement cost calculations in Appendix 2B.

9.10.30. The Contingency Reserve Raise amount recoverable from Market

Participant p for Trading Interval t is:

\[\text{C}{\text{R\\Recoverable}\left( \text{p,t} \right)}\_{\text{\\}}\text{=}\sum\_{\text{DI}\text{∈}\text{t}}^{}{\text{C}\text{R\\Payable(DI)}\_{\text{\\}}\text{×}\text{\\}\text{TotalRunwayShare}\left( \text{p,DI} \right)}\]

where:

$a$ CR_Payable(DI) is the total cost of procuring Contingency Reserve Raise in Dispatch Interval DI calculated in accordance with clause

9.10.7;

$b$ TotalRunwayShare(p,DI) is Market Participant p's share of the total cost of procuring Contingency Reserve Raise in Dispatch Interval DI as calculated following the steps set out in Appendix 2A and as finally calculated in clause 5.3 of Appendix 2A; and

$c$ DI∈t denotes all Dispatch Intervals DI in Trading Interval t.

Explanatory Note

The amount recoverable from Market Participant p for Contingency Reserve Lower on Trading Day d is the sum of the amount recoverable from Market Participant p for Contingency Reserve Lower for each Trading Interval t in Trading Day d.

9.10.31. The Contingency Reserve Lower amount recoverable from Market

Participant p for Trading Day d is:

\[\text{C}\text{L\\Recoverable(p,d)}\_{\text{\\}}\text{=}\sum\_{\text{t}\text{∈}\text{d}}^{}{\text{C}\text{L\\Recoverable(p,t)}\_{\text{\\}}}\]

where:

$a$ CL_Recoverable(p,t) is the Contingency Reserve Lower amount recoverable from Market Participant p for Trading Interval t as calculated in accordance with clause 9.10.32; and

$b$ t∈d denotes all Trading Intervals t in Trading Day d.

Explanatory Note

The amount recoverable from Market Participant p for Contingency Reserve Lower in Trading Interval t is the:

total Contingency Lower payable amount for Trading Interval t,

multiplied by

Market Participant p’s consumption share for Trading Interval t.

See clause 9.5.6 for the calculation of Consumption Share.

9.10.32. The Contingency Reserve Lower amount recoverable from Market

Participant p for Trading Interval t is:

CL_Recoverable(p,t)= CL_Payable(t)× ConsumptionShare(p,t)

where:

$a$ CL_Payable(t) is the total cost of procuring Contingency Reserve Lower in Trading Interval t as calculated in accordance with clause

9.10.11; and

$b$ ConsumptionShare(p,t) is the Consumption Share for Market Participant p for Trading Interval t as calculated in accordance with clause 9.5.6.

Explanatory Note

The amount recoverable from Rule Participant p for RoCoF Control Service on Trading Day d is the sum of the amount recoverable from Rule Participant p for RoCoF Control Service for each Trading Interval t in Trading Day d.

9.10.33. The RoCoF Control Service amount recoverable from Rule

Participant p for Trading Day d is:

\[\text{RC}\text{S\\Recoverable(p,d)}\_{\text{\\}}\text{=}\sum\_{\text{t}\text{∈}\text{d}}^{}{\text{RC}\text{S\\Recoverable(p,t)}\_{\text{\\}}}\]

where:

$a$ RCS_Recoverable(p,t) is the RoCoF Control Service amount recoverable from Rule Participant p for Trading Interval t as calculated in accordance with clause 9.10.34; and

$b$ t∈d denotes all Trading Intervals t in Trading Day d.

Explanatory Note

The amount recoverable from Rule Participant p for RoCoF Control Service in Trading Interval t is the sum of the following amounts recoverable from Rule Participant p in Trading Interval t is the:

cost of procuring the Minimum RoCoF Control Requirement component of RoCoF Control Service; and
total cost of procuring Additional RoCoF Control Requirement component of RoCoF Control Service.

The Minimum RoCoF Control Requirement recoverable amount for Rule Participant p in Trading Interval t is the:

Minimum RoCoF Control Requirement payable amount for Trading Interval t

multiplied by

the Minimum RoCoF Control Requirement share for Rule Participant p in Trading Interval t.

The Additional RoCoF Control Requirement recoverable amount for Market Participant p in Trading Interval t is the:

Additional RoCoF Control Requirement payable amount for each Dispatch Interval DI in Trading Interval t

multiplied by

The runway share for Market Participant p in Dispatch Interval DI summed for all Dispatch Intervals DI in Trading Interval t.

The runway share is calculated in Appendix 2A and is also used for Contingency Reserve Raise cost recovery calculations.

9.10.34. The RoCoF Control Service amount recoverable from Rule

Participant p for Trading Interval t is:

\[\text{RCS\\Recoverable(p,t)}\text{\\}\text{=}\text{\\}\text{MinRCS\\Recoverable}\left( \text{p,t} \right)\text{\\}\text{+}\\\sum\_{\text{DI}\text{∈}\text{t}}^{}\text{AdditionalRCS\\Recoverable(p,DI)}\]

where:

$a$ MinRCS_Recoverable(p,t) is the cost of procuring the Minimum RoCoF Control Requirement component of RoCoF Control Service in Trading Interval t recoverable from Rule Participant p calculated in accordance with clause 9.10.42; and

$b$ AdditionalRCS_Recoverable(p,DI) is the cost of procuring the Additional RoCoF Control Requirement component of RoCoF Control Service in Dispatch Interval DI recoverable from Rule Participant p calculated in accordance with clause 9.10.43; and

$c$ DI∈t denotes all Dispatch Intervals DI in Trading Interval t.

Explanatory Note

The amount recoverable from Market Participant p for Regulation on Trading Day d is the sum of the amount recoverable from Market Participant p for Regulation for each Trading Interval t in Trading Day d.

9.10.35. The Regulation amount recoverable from Market Participant p for

Trading Day d is:

\[\text{Regulatio}\text{n\\Recoverable(p,d)}\_{\text{\\}}\text{=}\sum\_{\text{t}\text{∈}\text{d}}^{}{\text{Regulatio}\text{n\\Recoverable(p,t)}\_{\text{\\}}}\]

where:

$a$ Regulation_Recoverable(p,t) is the Regulation amount recoverable from Market Participant p for Trading Interval t as calculated in accordance with clause 9.10.36; and

$b$ t∈d denotes all Trading Intervals t in Trading Day d.

Explanatory Note

The amount recoverable from Market Participant p for Regulation in Trading Interval t is:

Market Participant p’s share of the amount the Regulation cost in Trading Interval t,

multiplied by

The Regulation payable amount in Trading Interval t.

9.10.36. The Regulation amount recoverable from Market Participant p for

Trading Interval t is:

Regulation_Recoverable(p,t)= Regulation_Payable(t)× Regulation_Share(p,t)

where:

$a$ Regulation_Payable(t) is the total cost of Regulation for Trading Interval t as calculated in accordance with clause 9.10.24; and

$b$ Regulation_Share(p,t) is Market Participant p's share of the total cost of Regulation payable for Trading Interval t as calculated in accordance with clause 9.10.37.

Explanatory Note

The Regulation share for Market Participant p in Trading Interval t is the:

Regulation contributing quantity for Market Participant p in Trading Interval t,

divided by

total Regulation contributing quantity for Trading Interval t.

payable for Trading Interval t is:

\[\text{Regulatio}\text{n\\Share(p,t)}\_{\text{\\}}\text{=}\frac{\text{RegulationContributingQuantity}\left( \text{p,t} \right)}{\text{RegulationContributingQuantity}\left( \text{t} \right)}\]

where:

$a$ RegulationContributingQuantity(p,t) is the quantity calculated in accordance with clause 9.10.38; and

$b$ RegulationContributingQuantity(t) is the quantity calculated in accordance with clause 9.10.39.

Explanatory Note

The Regulation contributing quantity for Market Participant p in Trading Interval t is the sum of the absolute values of the Metered Scheduled for the following Registered Facilities registered to Market Participant p in Trading Interval t:

Semi-scheduled Facilities;
Non-scheduled Facilities; and
Non-Dispatchable Loads.

Note, Synergy’s Notional Wholesale Meter is treated as a single Non-Dispatchable Load (see clause 9.5.3).

9.10.38. Market Participant p’s Regulation contributing quantity in

Trading Interval t is:

RegulationContributingQuantity(p,t)

\[\text{=\\}\sum\_{\text{SSF}\text{∈}\text{p}}^{}{\left| \text{MeteredSchedule}\left( \text{SSF,t} \right) \right|\text{\\+\\\\\\\\\\}\sum\_{\text{NSF}\text{∈}\text{p}}^{}\left| \text{MeteredSchedule}\left( \text{NSF,t} \right) \right|\\}\]

\[\text{+}\sum\_{\text{NDL}\text{∈}\text{p}}^{}\left| \text{MeteredSchedule}\left( \text{NDL,t} \right) \right|\]

where:

$a$ MeteredSchedule(SSF,t) is the Metered Schedule of Semi-Scheduled Facility, SSF, in Trading Interval t;

$b$ SSF∈p denotes all Semi-Scheduled Facilities, SSF, registered to Market Participant p;

$c$ MeteredSchedule(NSF,t) is the Metered Schedule of Non–Scheduled Facility, NSF, in Trading Interval t;

$d$ NSF∈p denotes all Non-Scheduled Facilities, NSF, registered to Market Participant p;

$e$ MeteredSchedule(NDL,t) is the Metered Schedule of Non-Dispatchable Load, NDL, in Trading Interval t; and

$f$ NDL∈p denotes all Non-Dispatchable Loads, NDL, associated with Market Participant p (including Synergy’s Notional Wholesale Meter where Synergy is Market Participant p).

9.10.39. The Regulation contributing quantity in Trading Interval t is:

\[\text{RegulationContributingQuantity}\left( \text{t} \right)\text{\\}\text{=}\sum\_{\text{p}\text{∈}\text{P}}^{}{\text{RegulationC}\text{ontributingQuantity}\left( \text{p,t} \right)}\]

where:

$a$ RegulationContributingQuantity(p,t) is Market Participant p’s Regulation contributing quantity in Trading Interval t calculated in accordance with clause 9.10.38; and

$b$ p∈P denotes all Market Participants.

Explanatory Note

The amount recoverable from Market Participant p for System Restart Services on Trading Day d is the sum of the amount recoverable from Market Participant p for System Restart Services for each Trading Interval t in Trading Day d.

9.10.40. The System Restart Service amount recoverable from Market

Participant p for Trading Day d is:

\[\text{SR}\text{S\\Recoverable(p,d)}\_{\\}\text{=}\sum\_{\text{t}\text{∈}\text{d}}^{}{\text{SR}\text{S\\Recoverable(p,t)}\_{\\}}\]

where:

$a$ SRS_Recoverable(p,t) is the System Restart Service amount recoverable from Market Participant p for Trading Interval t in accordance clause 9.10.41; and

$b$ t∈d denotes all Trading Intervals t in Trading Day d.

Explanatory Note

The amount recoverable from Market Participant p for System Restart Services in Trading Interval t is the:

total System Restart payable amount for Trading Interval t,

multiplied by

Market Participant p’s Consumption Share for Trading Interval t.

9.10.41. The System Restart Service amount recoverable from Market

Participant p for Trading Interval t is:

SRS_Recoverable(p,t)= SRS_Payable(t)× ConsumptionShare(p,t)

where:

$a$ SRS_Payable(t) is the total cost of procuring System Restart Services in Trading Interval t as calculated in accordance with clause

9.10.27; and

$b$ ConsumptionShare(p,t) is the Consumption Share for Market Participant p in Trading Interval t as calculated in accordance with clause 9.5.6.

9.10.42. The cost of procuring the Minimum RoCoF Control Requirement

component of RoCoF Control Service recoverable from Rule Participant p in Trading Interval t is:

MinRCS_Recoverable(p,t) = MinRCS_Payable(t) × MinRCSShare(p,t)

where:

$a$ MinRCS_Payable(t) is the total cost of procuring the Minimum RoCoF Control Requirement component of RoCoF Control Service in Trading Interval t as calculated in accordance with clause 9.10.18; and

$b$ MinRCSShare(p,t) is Rule Participant p's share of the cost of procuring the Minimum RoCoF Control Requirement component of RoCoF Control Service in Trading Interval t as calculated following the steps set out in Appendix 2B and as finally calculated in clause 2.8 of Appendix 2B.

9.10.43. The cost of procuring the Additional RoCoF Control Requirement

component of RoCoF Control Service recoverable from Rule Participant p in Dispatch Interval DI is:

AdditionalRCS_Recoverable(p,DI) = AdditionalRCS_Payable(DI) ×

TotalRunwayShare(p,DI)

where:

$a$ AdditionalRCS_Payable(DI) is the total cost of procuring the Additional RoCoF Control Requirement component of RoCoF Control Service in Dispatch Interval DI as calculated in accordance with clause 9.10.19; and

$b$ TotalRunwayShare(p,DI) is Market Participant p's share of procuring the Additional RoCoF Control Requirement component of RoCoF Control Service in Dispatch Interval DI as calculated following the steps set out in Appendix 2A and as finally calculated in clause 5.3 of Appendix 2A.

Explanatory Note

The amount recoverable from Market Participant p for Non-Cooptimised Essential System Services on Trading Day d is the sum of the amount recoverable from Market Participant p for Non-Cooptimised Essential System Services for each Trading Interval t in Trading Day d.

9.10.44. The NCESS amount recoverable from Market Participant p for

Trading Day d is:

\[\text{NCESS\\Recoverable(p,d)}\_{\\}\text{=}\sum\_{\text{t}\text{∈}\text{d}}^{}\text{NCESS\\Recoverable(p,t)}\_{\\}\]

where:

$a$ NCESS_Recoverable(p,t) is the NCESS amount recoverable from Market Participant p for Trading Interval t in accordance with clause

9.10.45; and

$b$ t∈d denotes all Trading Intervals t in Trading Day d.

Explanatory Note

The amount recoverable from Market Participant p for Non-Cooptimised Essential System Services in Trading Interval t is the:

total NCESS payable amount for Trading Interval t,

multiplied by

Market Participant p’s Consumption Share for Trading Interval t.

9.10.45. The NCESS amount recoverable from Market Participant p for

Trading Interval t is:

NCESS_Recoverable(p,t)= NCESS_Payable(t)× ConsumptionShare(p,t)

where:

$a$ NCESS_Payable(t) is the total cost of procuring NCESS in Trading Interval t as calculated in accordance with clause 9.10.27D; and

$b$ ConsumptionShare(p,t) is the Consumption Share for Market Participant p in Trading Interval t as calculated in accordance with clause 9.5.6.

9.11. Settlement Calculations - Outage Compensation

9.11.1. AEMO must calculate for each Market Participant the Outage

Compensation settlement amount for a Trading Day. Outage Compensation must be settled in the first Adjustment Process following the date on which a determination is made under clause 3.18H.5 that Outage Compensation is payable to a Market Participant.

Explanatory Note

The amount payable for Outage Compensation for Market Participant p in Trading Day d is the:

Outage Compensation to be paid to Market Participant in Trading Day d as calculated in accordance with 3.18H.5,

less

the amount of outage compensation recoverable from Market Participant p in Trading Day d.

9.11.2. The Outage Compensation settlement amount for Market

Participant p for Trading Day d is:

OC_SA(p,d)= OC_Payable(p,d) − OC_Recoverable(p,d)

where:

$a$ OC_Payable(p,d) is the Outage Compensation payable to Market Participant p for Trading Day d calculated in accordance with clause

9.11.3; and

$b$ OC_Recoverable(p,d) is the amount recoverable in respect of Outage Compensation from Market Participant p for Trading Day d calculated in accordance with clause 9.11.6.

Explanatory Note

The amount of Outage Compensation payable to Market Participant p in Trading Day d is the sum of the amount payable to Market Participant p for each Trading Interval t in Trading Day d.

9.11.3. The Outage Compensation payable to Market Participant p for

Trading Day d is:

\[\text{O}\text{C\\Payable(p,d)}\_{\text{\\}}\text{=}\sum\_{\text{t}\text{∈}\text{d}}^{}{\text{O}\text{C\\Payable(p,t)}\_{\text{\\}}}\]

where:

$a$ OC_Payable(p,t) is the Outage Compensation payable to Market Participant p for Trading Interval t and is calculated in accordance with clause 9.11.4; and

$b$ t∈d denotes all Trading Intervals t in Trading Day d.

Explanatory Note

The amount of Outage Compensation payable to Market Participant p in Trading Interval t is the sum of the amount payable for each Registered Facility registered to Market Participant p in Trading Interval t.

9.11.4. The Outage Compensation payable to Market Participant p for

Trading Interval t is:

\[\text{O}{\text{C\\Payable}\left( \text{p,t} \right)}\_{\text{\\}}\text{=}\sum\_{\text{f}\text{∈}\text{p}}^{}{\text{O}\text{C\\Payable(f,t)}\_{\text{\\}}}\]

where:

$a$ OC_Payable(f,t) is the Outage Compensation payable for Registered Facility f in Trading Interval t as calculated under clause 3.18H.5(a); and

$b$ f∈p denotes all Registered Facilities f registered to Market Participant p.

9.11.5. The total Outage Compensation payable for Trading Interval t is:

\[\text{O}{\text{C\\Payable}\left( \text{t} \right)}\_{\text{\\}}\text{=}\sum\_{\text{p∈P}}^{}{\text{O}{\text{C\\Payable(}\text{p}\text{,t)}}\_{\text{\\}}}\]

where:

$a$ OC_Payable(p,t) is the Outage Compensation payable to Market Participant p for Trading Interval t; and

$b$ p∈P denotes all Market Participants.

Explanatory Note

The amount of Outage Compensation recoverable from Market Participant p in Trading Day d is the sum of the amount recoverable from Market Participant p for each Trading Interval t in Trading Day d.

9.11.6. The Outage Compensation recoverable from Market Participant p

for Trading Day d is:

\[\text{O}\text{C\\Recoverable(p,d)}\_{\text{\\}}\text{=}\sum\_{\text{t}\text{∈}\text{d}}^{}{\text{O}\text{C\\Recoverable(p,t)}\_{\text{\\}}}\]

where:

$a$ OC_Recoverable (p,t) is the Outage Compensation recoverable from Market Participant p for Trading Interval t as calculated in accordance with clause 9.11.7; and

$b$ t∈d denotes all Trading Intervals t in Trading Day d.

Explanatory Note

The amount of Outage Compensation recoverable from Market Participant p in Trading Day d is the:

Total amount of Outage Compensation payable in Trading Day t,

multiplied by

the Consumption Share Market of Participant p in Trading Day t.

9.11.7. The amount recoverable in respect of Outage Compensation from

Market Participant p for Trading Interval t is:

OC_Recoverable(p,t)= OC_Payable(t)× ConsumptionShare(p,t)

where:

$a$ OC_Payable(t) is the total Outage Compensation payable in Trading Interval t as calculated in accordance with clause 9.11.5; and

$b$ ConsumptionShare(p,t) is the amount for Market Participant p in Trading Interval t as calculated in a accordance with clause 9.5.6.

Explanatory Note

Sections 9.12 and 9.13 are amended to account for changes to the WEM governance arrangements that commenced on 1 July 2021.

Clauses 9.12.2, 9.12.3, 9.12.4, 9.12.4A, 9.13.2, 9.13.3 and 9.13.4 are also amended to apply negative signs to charges and recoverable amounts consistently with their application in other settlement clauses (i.e. at the ‘highest level variable’).

9.12. Settlement Calculations - Market Participant Market Fees, Market

Participant Coordinator Fees and Market Participant Regulator Fees

9.12.1. AEMO must calculate for each Market Participant the Market

Participant fee settlement amount for a Trading Day.

Explanatory Note

The amount payable by Market Participant p for Market Participant fees in Trading Day d is the sum of the:

Market Participant Market Fees settlement amount for Market Participant p for Trading Day d;
Market Participant Regulator Fees settlement amount for Market Participant p for Trading Day d; and
Market Participant Coordinator Fees settlement amount for Market Participant p for Trading Day d

9.12.2. The applicable Market Participant fee settlement amount for

Market Participant p for Trading Day d is:

MPF_SA(p,d)= − MPMF_SA(p,d) − MPRF_SA(p,d) − MPCF_SA(p,d)

where:

$a$ MPMF_SA(p,d) is the Market Participant Market Fees settlement amount for Market Participant p for Trading Day d calculated in accordance with clause 9.12.3;

$b$ MPRF_SA(p,d) is the Market Participant Regulator Fees settlement amount for Market Participant p for Trading Day d calculated in accordance with clause 9.12.4; and

$c$ MPCF_SA(p,d) is the Market Participant Coordinator Fees settlement amount for Market Participant p for Trading Day d calculated in accordance with clause 9.12.4A.

Explanatory Note

The amount payable by Market Participant p for Market Participant Market Fees for Trading Day d is the:

Negative Market Participant Market Fee rate for Trading Day d

multiplied by

Participant Contribution for Market Participant p for Trading Day d.

The Market Participant Market Fee rate is negative to reflect this is an amount paid by the Market Participant.

9.12.3. The Market Participant Market Fees settlement amount for Market

Participant p for Trading Day d is:

MPMF_SA(p,d)= MarketFeeRate(d) × ParticipantContribution(p,d)

where:

$a$ MarketFeeRate(d) is the charge per MWh for AEMO’s services determined as the Market Participant Market Fee rate in accordance with clause 2.24.2 for the year in which Trading Day d falls; and

$b$ ParticipantContribution(p,d) is calculated in accordance with clause 9.12.5.

Explanatory Note

The amount payable by Market Participant p for Market Participant Regulator Fees for Trading Day d is the:

Negative Market Participant Regulator Fee rate for Trading Day d,

multiplied by

Participant Contribution for Market Participant p for Trading Day d.

The Market Participant Regulator Fee rate is negative to reflect this is an amount paid by the Market Participant.

9.12.4. The Market Participant Regulator Fees settlement amount for

Market Participant p for Trading Day d is:

MPRF_SA(p,d)= RegulatorFeeRate(d) × ParticipantContribution(p,d)

where:

$a$ RegulatorFeeRate(d) is the charge per MWh for funding the Economic Regulation Authority’s activities with respect to the Wholesale Electricity Market and other functions under these WEM Rules and the Regulations determined as the Market Participant Regulator Fee rate in accordance with clause 2.24.2 for the year in which Trading Day d falls; and

$b$ ParticipantContribution(p,d) is calculated in accordance with clause 9.12.5.

9.12.4A. The Market Participant Coordinator Fees settlement amount for

Market Participant p for Trading Day d is:

MPCF_SA(p,d)= CoordinatorFeeRate(d) × ParticipantContribution(p,d)

where:

$a$ CoordinatorFeeRate(d) is the charge per MWh for funding the Coordinator’s activities with respect to the Wholesale Electricity Market and other functions under these WEM Rules and the Regulations determined as the Market Participant Coordinator Fee rate in accordance with clause 2.24.2 for the year in which Trading Day d falls; and

$b$ ParticipantContribution(p,d) is calculated in accordance with clause 9.12.5.

Explanatory Note

The Participant Contribution for Market Participant p for Trading Day d is the absolute value of the Metered Schedule for facility f in Trading Interval t, summed for all facilities associated with Market Participant p for all Trading Intervals t in Trading Day d.

AEMO will calculate a Metered Schedule for all facilities (being Registered Facilities and non-registered facilities, including Non-Dispatchable loads). See clauses 9.5.2 and 9.5.3.

9.12.5. The Participant Contribution for Market Participant p in Trading

Day d is:

\[\text{ParticipantContribution}\left( \text{p,d} \right)\text{\\=}\sum\_{\text{t}\text{∈}\text{d}}^{}{\sum\_{\text{f}\text{∈}\text{p}}^{}\left| \text{MeteredSchedule}\left( \text{f,t} \right) \right|}\]

where:

$a$ MeteredSchedule(f,t) is the Metered Schedule for facility f in Trading Interval t;

$b$ t∈d denotes all Trading Intervals t in Trading Day d; and

Explanatory Note

The definition of f∈p will need to be reviewed after registration taxonomy is final, to ensure every connection point is captured once and only once. At the moment this is not the case with current definition of Non-Dispatchable Loads.

$c$ f∈p denotes all Registered Facilities f registered to Market Participant p and all Non-Dispatchable Loads associated with Market Participant p (including Synergy’s Notional Wholesale Meter where Synergy is Market Participant p calculated in accordance with clause

9.5.3).

9.13. Settlement Calculations - Service Fees

9.13.1. AEMO must determine a Service Fee Settlement Amount for a

Trading Day payable to AEMO, to the Coordinator, to the Economic Regulation Authority and to the Coordinator.

Explanatory Note

The Service Fee Settlement Amount payable to AEMO for Trading Day d is the sum of the negative Market Participant Market Fee settlement amounts for each Market Participant p in Trading Day d.

The Market Participant Market Fee settlement amount is negative as it is a payment made by the Market Participant to AEMO.

9.13.2. The Service Fee Settlement Amount payable to AEMO for Trading

Day d is:

\[\text{SFM}\text{F\\SA(d)}\_{\text{\\}}\text{=}\text{\\}\sum\_{\text{p}\text{∈}\text{P}}^{}{\text{MPM}\text{F\\SA(p,d)}\_{\text{\\}}}\]

where:

$a$ MPMF_SA(p,d) is the Market Participant Market Fees settlement amount for Market Participant p for Trading Day d as calculated in clause 9.12.3; and

$b$ p∈P denotes all Market Participants.

Explanatory Note

The Service Fee Settlement Amount payable to the Economic Regulation Authority for Trading Day d is the sum of the negative Market Participant Regulator Fees settlement amounts for each Market Participant p in Trading Day d.

The negative Market Participant Regulator Fees settlement amount is negative as it is a payment made by the Market Participant to AEMO.

9.13.3. The Service Fee Settlement Amount payable to the Economic

Regulation Authority for Trading Day d is:

\[\text{SFR}\text{F\\SA(d)}\_{\text{\\}}\text{=}\text{\\}\sum\_{\text{p}\text{∈}\text{P}}^{}{\text{MPR}\text{F\\SA(p,d)}\_{\text{\\}}}\]

where:

$a$ MPRF_SA(p,d) is the Market Participant Regulator Fees settlement amount for Market Participant p for Trading Day d as calculated in clause 9.12.4; and

$b$ p∈P denotes all Market Participants.

Explanatory Note

The Service Fee Settlement Amount payable to the Coordinator for Trading Day d is the sum of the negative Market Participant Coordinator Fees settlement amounts for each Market Participant p in Trading Day d.

The negative Market Participant Coordinator Fees settlement amount is negative as it is a payment made by the Market Participant to AEMO.

9.13.4 The Service Fee Settlement Amount payable to the Coordinator for

Trading Day d is:

\[\text{SFC}\text{F\\SA(d)}\_{\text{\\}}\text{=\\}\sum\_{\text{p}\text{∈}\text{P}}^{}{\text{MPC}\text{F\\SA(p,d)}\_{\text{\\}}}\]

where:

$a$ MPCF_SA(p,d) is the Market Participant Coordinator Fees settlement amount for Market Participant p for Trading Day d as calculated in clause 9.12.4A; and

$b$ p∈P denotes all Market Participants.

Settlement Statements

Explanatory Note

A Settlement Statement will be provided to the Network Operator as it will be liable for RoCoF Control Service costs unless it has demonstrated its ability to ride through the RoCoF Safe Limit (see Appendix 2B).

The STEM and NSTEM Settlement Statements have been merged into a single Settlement Statement. New items have been added as required (for example, EnergyUplift Payments).

9.14. Settlement Statements

9.14.1. AEMO must provide Settlement Statements to Market Participants

and to each Network Operator in accordance with the settlement timeline in section 9.3.

9.14.2. A Settlement Statement must include:

$a$ details of the Trading Days to which the Settlement Statement relates;

$b$ details of the Rule Participant to which the Settlement Statement relates;

$c$ for each Dispatch Interval of each Trading Day to which the Settlement Statement relates:

i. cleared energy quantity in MW as recorded in the relevant Dispatch Instruction (where this quantity can be a Dispatch Target, Dispatch Cap or Dispatch Forecast);

ii. the value of all Energy Uplift Payments made for the Market Participant for each of its Registered Facilities including the Energy Uplift Price and Energy Uplift Quantity for each Registered Facility;

iii. the Final Energy Market Clearing Price;

iv. the value of all final Market Clearing Prices of all Frequency Co-optimised Essential System Services;

$d$ for each Trading Interval of each Trading Day to which the Settlement Statement relates:

i. for a Market Participant:

1. the STEM clearing Price;

2. the STEM quantity scheduled for the Market Participant; and

3. the STEM settlement amount for the Market Participant for the Trading Interval calculated in accordance with clause 9.7.3, where this may be a positive amount, negative amount or a zero amount;

ii. the Bilateral Contract quantities for the Market Participant;

iii. the Net Contract Position of the Market Participant;

iv. the meter reading for each facility associated with the Market Participant (other than any meters associated with the Notional Wholesale Meter);

v. in the case of Synergy:

1. Notional Wholesale Meter values; and

2. the total quantity of energy deemed to have been supplied by its Registered Facilities;

vi. for a Market Participant, the value of the Final Reference Trading Price; and

vii. the Net Trading Quantity for the Market Participant;

$e$ details of amounts calculated for the Rule Participant for a Trading Day under sections 9.6 and sections 9.8 to 9.12 with respect to, as applicable:

i. net settlement amount;

ii. Reserve Capacity settlement amount;

iii. Real-Time Energy settlement amount;

iv. Essential System Services settlement amount;

v. Outage Compensation settlement amount; and

vi. Market Participant Market Fees and Market Participant Regulator Fees settlement amounts;

$f$ details of any Capacity Credits allocated to the Market Participant from another Market Participant in accordance with sections 4.30 and 4.31;

$g$ details of any Capacity Credits allocated to another Market Participant from the Market Participant in accordance with sections 4.30 and 4.31;

$h$ details of any reductions in payments in the preceding Trading Week under clause 9.20.4 as a result of a Rule Participant being in default;

$i$ details of any payments to the Rule Participant as a result of AEMO recovering funds not paid to the Rule Participant in previous Trading Weeks under clause 9.20.4 as a result of a Rule Participant being in default;

$j$ in regard to Default Levy re-allocations, as defined in accordance with clause 9.20.11:

i. the total amount of Default Levy paid by that Rule Participant during the Financial Year, with supporting calculations;

ii. the adjusted allocation of those Default Levies to be paid by that Rule Participant, with supporting calculations; and

iii. the net adjustment be made;

$k$ details of any amounts to be distributed to a Market Participant under section 9.21 for the Trading Week;

$l$ whether the statement is an adjusted Settlement Statement and replaces a previously issued Settlement Statement;

$m$ in the case of an adjusted Settlement Statement, details of all adjustments made to a previously issued Settlement Statement relative to the first Settlement Statement issued for that Trading Week with an explanation of the reasons for the adjustments;

$n$ the net dollar amount owed by the Rule Participant to AEMO for the billing period (i.e. the Trading Days covered by the Settlement Statement) where this may be a positive amount, a negative amount or a zero amount as the case may be;

$o$ any interest applied in accordance with clause 9.1.4; and

$p$ all applicable taxes.

Explanatory Note

The adjustment process has been amended so there are three adjustment days, calculated by reference to the number of weeks following the Trading Week:

Adjustment 1 – 8 weeks
Adjustment 2 – 35 weeks
Adjustment 3 – 51 weeks

The day of adjustment will be the same day as the Settlement Date in a given week.

There will be a single Notice of Disagreement Deadline at 45 weeks.

New clauses 9.15.8, 9.15.9 and 9.15.10 are included to account for situations where the Service Settlement Fee Amounts are reduced in an Adjustment Process, leaving AEMO, the Coordinator and the ERA owing money back to the market. The drafting implements more flexible arrangements for the Coordinator and the ERA (e.g. allowing for those parties to make the repayment themselves instead of requiring AEMO to make the payments on their behalf), and also now cover the need for AEMO to repay the market in these situations.

9.15. Adjustment Process

9.15.1. When undertaking an Adjustment Process AEMO must:

$a$ recalculate the amounts included in the Relevant Settlement Statements in accordance with this Chapter 9 but taking into account any:

i. revised meter data which has been provided by Metering Data Agents;

ii. actions arising from a Notice of Disagreement;

iii. resolution of a Notice of Dispute;

iv. revised Market Participant Market Fee rate or Market Participant Regulator Fee rate;

v. adjustment required for GST purposes under clause 9.1.3;

vi. revised value that AEMO reasonably considers to be in compliance with these WEM Rules and accurate; and

vii. other relevant value that has been revised in accordance with the WEM Rules; and

$b$ provide adjusted Settlement Statements to Rule Participants for Relevant Settlement Statements on the Relevant Settlement Adjustment Date.

9.15.2. Where AEMO decides that it will use a revised value, as

contemplated under clause 9.15.1(a)(vi), in the final adjusted Settlement Statement (to be issued on Settlement Adjustment Date 3 for a Trading Week), AEMO must, as soon as practicable, notify the relevant Rule Participant of the proposed revised value and the reason for its decision.

9.15.3. Subject to clause 9.15.4, an adjusted Settlement Statement must

be in the same form as the original Settlement Statement, but where data is modified between the issuance of the original Settlement Statement and the adjusted Settlement Statement, AEMO must record adjusted settlement values in the adjusted Settlement Statement and provide an explanation of any changes on request.

9.15.4. An adjusted Settlement Statement must include details of the

adjustment to be paid by or to the Rule Participant, being:

$a$ the adjustment which will need to be paid by or to the Rule Participant to put the Rule Participant in the position it would have been in at the time payment was made in respect of the original Settlement Statement if the adjusted Settlement Statement had been issued as the original Settlement Statement (but taking into account any adjustments previously made under this section 9.15); plus

$b$ interest on the amount referred to in clause 9.15.4(a) calculated in accordance with clause 9.1.4.

9.15.5. In recalculating amounts as part of an Adjustment Process, AEMO

may use the version of the settlement calculation software current at the time of the recalculation.

9.15.6. At the same time as AEMO provides a Rule Participant with an

adjusted Settlement Statement under clause 9.15.1(b), it must also provide that Rule Participant with an Invoice reflecting the adjusted Settlement Statement and the amounts referred to in clause 9.15.4.

9.15.7. The Settlement Date for a Settlement Statement issued under

clause 9.15.1(b) is the date upon which transactions covered by that Settlement Statement are settled and must be no later than the second Business Day following the date of issue of the Invoice described in clause 9.15.6.

9.15.8. If, for an Adjustment Process, the Service Fee Settlement Amount

payable to AEMO under clause 9.13.2 based on the adjusted Market Participant Market Fees settlement amount is less than the Service Fee Settlement Amount payable to AEMO under clause 9.13.2 for the last Settlement Statement for that period, AEMO must make available the shortfall amount from the fund established under clause 9.18.9 for the purpose of meeting AEMO’s obligations under clause 9.18.8.

9.15.9. AEMO and the Economic Regulation Authority must agree and

implement an arrangement to apply for any Adjustment Process where the Service Fee Settlement Amount payable to the Economic Regulation Authority under clause 9.13.3 based on the adjusted Market Participant Regulator Fees settlement amount is less than the Service Fee Settlement Amount payable to the Economic Regulation Authority under clause 9.13.3 for the last Settlement Statement for that period. The arrangement must require:

$a$ the Economic Regulation Authority to return the shortfall amount to AEMO by 10:00 AM on the relevant Settlement Date; and

$b$ AEMO, if the Economic Regulation Authority fails to provide the shortfall amount to AEMO by 10:00 AM on the relevant Settlement Date, to make available the shortfall amount from the fund established under clause 9.18.9 for the purpose of meeting AEMO’s obligations under clause

9.18.8. 9.15.10. AEMO and the Coordinator must agree and implement an

arrangement to apply for any Adjustment Process where the Service Fee Settlement Amount payable to the Coordinator under clause 9.13.4 based on the adjusted Market Participant Coordinator Fees settlement amount is less than the Service Fee Settlement Amount payable to the Coordinator under clause 9.13.4 for the last Settlement Statement for that period. The arrangement must require:

$a$ the Coordinator to return the shortfall amount to AEMO by 10:00 AM on the relevant Settlement Date; and

$b$ AEMO, if the Coordinator fails to provide the shortfall amount to AEMO by 10:00 AM on the relevant Settlement Date, to make available the shortfall amount from the fund established under clause 9.18.9 for the purpose of meeting AEMO’s obligations under clause 9.18.8.

Explanatory Note

There will be a single deadline for Notices of Disagreements, being the 45th week after the Trading Week.

A Rule Participant can only lodge a Notice of Disagreement in relation to an Original Settlement Statement or an Adjusted Settlement Statement from Adjustment 1 or Adjustment 2.

9.16. Notices of Disagreement

9.16.1. A Rule Participant may under this section 9.16 issue a Notice of

Disagreement in respect of a Settlement Statement by the relevant Settlement Disagreement Deadline.

9.16.2. The Settlement Disagreement Deadline for a Trading Week is 5:00

PM on the first Business Day of the forty-fifth (45^th) week following that Trading Week. A Rule Participant has until this time to lodge a Notice of Disagreement with AEMO pertaining to any amount related to the relevant Settlement Statement for that Trading Week including, for the avoidance of doubt, an adjusted Settlement Statement in relation to that Trading Week issued on any of Settlement Adjustment Date 1 or Settlement Adjustment Date 2.

9.16.3. A Notice of Disagreement must be submitted to AEMO in accordance

with the WEM Procedure specified in clause 9.2.1.

9.16.4. Upon receipt of a Notice of Disagreement, AEMO must confirm

receipt within one Business Day.

9.16.5. A Notice of Disagreement must include:

$a$ details of the Settlement Statement and Trading Day to which the Notice of Disagreement relates;

$b$ details of the Rule Participant to which the Notice of Disagreement relates; and

$c$ a list of information in the Settlement Statement with which the Rule Participant disagrees, including:

i. the reason for the disagreement; and

ii. what the Rule Participant believes the correct value should be, if this is known,

and must comply with any format that may be specified in the WEM Procedure specified in clause 9.2.1.

9.16.6. AEMO may, if it reasonably considers it is required to assess or

resolve a Notice of Disagreement, request clarification or further information regarding any aspect of the Notice of Disagreement submitted under this section 9.16 from the submitting Rule Participant. A Rule Participant must comply with a request under this clause 9.16.6.

9.16.7. If a Notice of Disagreement relates to information provided to

AEMO by a Metering Data Agent or SCADA data provided by a Network Operator then as soon as practicable, but not later than five Business Days after AEMO confirms receipt of the Notice of Disagreement, AEMO must:

$a$ notify the Metering Data Agent or Network Operator (as applicable) of any item of information provided by them to which the Notice of Disagreement relates;

$b$ notify the Metering Data Agent or Network Operator (as applicable) of the time and date by which AEMO requires a response, where the date is to be no later than 60 days after the date on which AEMO confirmed receipt of the Notice of Disagreement; and

$c$ require the Metering Data Agent or Network Operator (as applicable) to investigate the accuracy of the item and to provide a response by the time specified under clause 9.16.7(b):

i. reporting on the actions taken to investigate the accuracy of the item; and

ii. if applicable, providing a revised value for the item that the Metering Data Agent or Network Operator (as applicable) considers to be in compliance with these WEM Rules and accurate.

9.16.8. If a Notice of Disagreement relates to any item of information

developed by AEMO, then:

$a$ if the information relates to values that are inputs to the settlement process AEMO must determine a value for the item, which may be a revised value, that it reasonably considers to be in compliance with these WEM Rules and accurate; or

$b$ if the information relates to values that are outputs to the settlement process AEMO must review its settlement calculations and assess whether any errors were made.

9.16.9. AEMO must, as soon as practicable, but within 20 Business Days

of receipt of a Notice of Disagreement respond to a Rule Participant who issued a Notice of Disagreement indicating the actions (if any) AEMO will take in response to the Notice of Disagreement, where such actions may include:

$a$ revising information provided to AEMO by Metering Data Agents and Network Operators (as applicable), and the reasons provided to AEMO for those revisions, in accordance with clause 9.16.7;

$b$ revising information developed by AEMO and used as an input to the settlement process, and the reason for the revision, as determined in accordance with clause 9.16.8; and

$c$ indicating whether AEMO considers an error was made in the settlement calculations that has produced an incorrect Settlement Statement.

9.16.10. AEMO may extend the deadline to respond to a Notice of

Disagreement in clause 9.16.9 where it requires additional time to respond to the Notice of Disagreement, including additional time to assess relevant information or determine the actions it will take. Where AEMO decides to extend the deadline to respond to a Notice of Disagreement, it must notify the Rule Participant that submitted the Notice of Disagreement within 20 Business Days of receiving the Notice of Disagreement:

$a$ that AEMO has decided to extend the deadline to respond to the Notice of Disagreement in clause 9.16.9;

$b$ the reasons for its decision; and

$c$ subject to clause 9.16.11, the time by which AEMO will respond to the Notice of Disagreement.

9.16.11. AEMO must not extend the deadline to respond to a Notice of

Disagreement under clause 9.16.10 to a date that is later than the earlier to occur of:

$a$ 60 Business Days after the receipt of the Notice of Disagreement; and

$b$ Settlement Adjustment Date 3.

9.16.12. If a Rule Participant is not satisfied with AEMO’s response to

a Notice of Disagreement, it may issue a Notice of Dispute to AEMO in accordance with section 9.17.

Explanatory Note

A Rule Participant can only lodge a Notice of Dispute in relation to a matter that has been the subject of a Notice of Disagreement.

There is one exception, being a Rule Participant can lodge a Notice of Dispute relating to an Adjusted Settlement Statement from Adjustment 3 if that matter was corrected by AEMO and has not been the subject of a previous Settlement Statement.

For example, if AEMO adjusts a payment for the first time in the final Adjusted Settlement Statement, a Rule Participant can lodge a Notice of Dispute on that matter.

This exception is included because the Adjustment 3 date is after the Notice of Disagreement submission deadline.

9.17. Settlement Disputes

9.17.1. Subject to clause 9.17.2, a Rule Participant may only issue a

Notice of Dispute in regard to a Settlement Statement after:

$a$ having raised a Notice of Disagreement with respect to a Settlement Statement; and

$b$ AEMO having given a response under clause 9.16.9 in respect of the Notice of Disagreement with which the Rule Participant is not satisfied.

9.17.2. A Rule Participant may issue a Notice of Dispute in regard to an

adjusted Settlement Statement for a Trading Week issued on Settlement Adjustment Date 3, but only in respect of an adjustment first made by AEMO to that Settlement Statement and not in respect of any other matter.

Invoicing and Payment

9.18. Invoicing and Payment

9.18.1. Invoices must be issued to Rule Participants by AEMO in

accordance with the timelines specified under clauses 9.3.3 and 9.15.6.

9.18.2. An Invoice must include:

$a$ all Settlement Statements (including adjusted Settlement Statements) to which the Invoice relates;

$b$ the net amount to be paid to or by AEMO (including applicable taxes). A positive amount is to be paid by the Rule Participant to AEMO and a negative amount is to be paid by AEMO to the Rule Participant;

$c$ the payment date and time; and

$d$ any amounts outstanding, including from overdue payments, in relation to previous Settlement Statements.

9.18.3. AEMO must maintain an account with an institution that meets

either of the requirements specified in clause 2.38.6(a) for the sole purpose of settling market transactions, where this account is to be maintained at a branch of the institution located in Western Australia.

9.18.4. AEMO must:

$a$ nominate and publish the electronic funds transfer (“EFT”) facility that must be used by Rule Participants for the purpose of some or all settlements under these WEM Rules; and

$b$ determine, where applicable, and publish the minimum cost charged by the EFT facility for processing a transaction on the WEM Website.

9.18.5. Unless otherwise authorised by AEMO, all Rule Participants must

use the EFT facility nominated by AEMO under clause 9.18.4 for the purpose of settlements under these WEM Rules and the payment of Market Fees to AEMO to the extent nominated by AEMO.

9.18.6. If an Invoice indicates that a Rule Participant owes to AEMO an

amount payable greater than the Minimum Transaction Cost, then the Rule Participant must pay the full amount to AEMO (in cleared funds) by 10:00 AM on the date determined in accordance with clauses 9.3.4 and 9.15.7 (as applicable), whether or not it disputes the amount indicated to be payable.

9.18.7. Late payments by Rule Participants accrue interest calculated in

accordance with clause 9.1.4.

9.18.8. If an Invoice indicates that AEMO owes to a Rule Participant an

amount payable greater than the Minimum Transaction Cost, then AEMO must make available the full amount to the Rule Participant (in cleared funds) by 2:00 PM on the date specified in the Invoice in accordance with clauses 9.3.4 and 9.15.7 (as applicable), except as provided for in section 9.20.

9.18.9. AEMO must establish, in its books, a separate fund in which it

will credit all Service Fee Settlement Amounts payable to AEMO under these WEM Rules.

9.18.10. The Service Fee Settlement Amount owing to AEMO will be taken

to have been paid when it is transferred into the account established by AEMO for the purpose of meeting its obligations under clause 9.18.9.

9.18.11. AEMO may apply money from the fund established under clause

9.18.9 to meet the costs incurred in carrying out its functions or

obligations under these WEM Rules.

9.18.12. Notwithstanding this section 9.18, AEMO is not required to

render an Invoice to a Network Operator where the net amount to be paid to or by AEMO is zero.

Explanatory Note

Clause 10.5.1(v) required AEMO to publish summary information pertaining to the account maintained by AEMO for market settlement for the preceding 24 calendar months, including the end of month balance; the total income received for transactions in each of the Reserve Capacity Mechanism, the STEM, Balancing Settlement, Market Fees, System Operation Fees, Regulator Fees and a single value for all other income; the total outgoings paid for transactions in each of the Reserve Capacity Mechanism, Supplementary Capacity Contracts, the STEM, Balancing Settlement and a single value for all other expenses; and Service Fee Settlement Amount paid to AEMO and the Economic Regulation Authority;

The obligations to publish settlement related information have been relocated to new clause 9.18.13 as below, and altered to reflect the timeframes and types of information relevant to the new market.

9.18.13. AEMO must publish on the WEM Website summary information

pertaining to the account maintained by AEMO for market settlement for each Trading Week ending in the preceding 24 calendar months (excluding any Trading Weeks ending on or before New WEM Commencement Day):

$a$ the total income received for transactions related to:

i. the STEM in accordance with section 9.7;

ii. the Reserve Capacity Mechanism in accordance with section 9.8;

iii. Real-Time Energy in accordance with section 9.9;

iv. Essential System Services in accordance with section 9.10;

v. Outage Compensation in accordance with section 9.11;

vi. Market Participant fees in accordance with section 9.12;

vii. Service fees in accordance with section 9.13; and

viii. a single value for all other income;

$b$ the total outgoings paid for transactions for:

i. the STEM in accordance with section 9.7;

ii. the Reserve Capacity Mechanism in accordance with section 9.8;

iii. Supplementary Capacity Contracts in accordance with section 9.8;

iv. Real-Time Energy in accordance with section 9.9;

v. Essential System Services in accordance with section 9.10;

vi. Outage Compensation in accordance with section 9.11;

vii. Market Participant fees in accordance with section 9.12;

viii. Service fees in accordance with section 9.13; and

ix. a single value for all other expenses.

Default and Settlement in Default Situations

9.19. Default

9.19.1. For the purposes of these WEM Rules, a “Suspension Event”

occurs in relation to a Market Participant, as applicable, if:

$a$ the Market Participant fails to make a payment under these WEM Rules before the time it is due;

$b$ the Market Participant is in breach of a Prudential Obligation;

$c$ AEMO has drawn on a Credit Support in relation to the Market Participant and payment under the Credit Support is not received by AEMO within 90 minutes of being requested;

$d$ it is unlawful for the Market Participant to comply with any of its obligations under the WEM Rules or any other obligation owed to the Economic Regulation Authority or the Market Participant claims that it is unlawful for it to do so;

$e$ it is unlawful for a provider of Credit Support in relation to the Market Participant to comply with any of its obligations under the Credit Support or any other obligation owed to AEMO or the provider claims that it is unlawful for it to do so;

$f$ an authorisation from a government body necessary to enable the Market Participant to carry on a business or activity related to its participation in the Wholesale Electricity Market ceases to be in full force and effect;

$g$ an authorisation from a government body necessary for the provider of Credit Support in relation to the Market Participant to carry on the business of providing credit support ceases to be in full force and effect;

$h$ the Market Participant ceases or threatens to cease to carry on its business or a substantial part of its business related to its participation in the Wholesale Electricity Market;

$i$ the provider of Credit Support in relation to the Market Participant ceases or threatens to cease to carry on its business of providing Credit Support;

$j$ the Market Participant is insolvent within the meaning of clause

9.19.2;

$k$ a provider of Credit Support in relation to the Market Participant is insolvent within the meaning of clause 9.19.2;

$l$ a resolution is passed or any steps are taken to pass a resolution for the winding up or dissolution of the Market Participant or a provider of Credit Support in relation to that Market Participant; or

$m$ the Market Participant or a provider of Credit Support in relation to the Market Participant is dissolved.

9.19.2. A person is insolvent for the purposes of clause 9.19.1 if :

$a$ the person states that it is insolvent or insolvent under administration (each as defined in the Corporations Act) or that it is unable to pay from its own money its debts when they fall due for payment;

$b$ the person is protected from creditors under any statute or enters into an arrangement (including a scheme of arrangement), composition or compromise with, or assignment for the benefit of, all or any class of its creditors or members or a moratorium involving any of them;

$c$ an application or order for winding up or dissolution is made in respect of the person;

$d$ a controller (as defined in the Corporations Act), administrator, provisional liquidator, liquidator, trustee in bankruptcy or person having a similar or analogous function under the laws of any relevant jurisdiction is appointed in respect of the person or any of the person’s property (as the case may be);

$e$ the person is taken to be unable to pay its debts when they fall due for payment under any applicable legislation;

$f$ any action is taken by, or in connection with, the person which is preparatory to, or could result in, any of the events described in paragraphs (b), (c), (d) or (e) above;

$g$ the person is the subject of an event described in section 459C(2) or section 585 of the Corporations Act (or the person makes a statement from which AEMO reasonably deduces the person is so subject); or

$h$ notice under section 601AB(3) of the Corporations Act is given in relation to the person.

9.19.3. If a Market Participant becomes aware that a Suspension Event

has occurred in relation to it, then the Market Participant must promptly notify AEMO, giving full details of the event.

9.19.4. If AEMO becomes aware that a Suspension Event has occurred in

relation to a Market Participant and the Suspension Event has not been remedied, then AEMO must as soon as practicable:

$a$ subject to clause 9.19.5, issue a notice (“Cure Notice”), requiring that the Suspension Event be remedied within 24 hours from the time the Cure Notice is issued; and

$b$ if it has not already done so, Draw Upon any Credit Support held in relation to that Market Participant for the amount which AEMO determines is actually or contingently owing by the Market Participant to AEMO under these WEM Rules.

9.19.5. Where AEMO has given a Cure Notice to a Market Participant in

respect of a Suspension Event described in clauses 9.19.1(a) or

9.19.1(b), AEMO may extend the deadline for remedying the Suspension

Event by up to five Business Days from the date on which the Suspension Event occurred if AEMO considers that:

$a$ the Market Participant can pay all outstanding amounts, and comply in full with the Prudential Obligations, before the end of the extended deadline; and

$b$ the Market Participant is not capable of doing so within the 24 hours following the issuance of the Cure Notice.

9.19.6. Where AEMO has given a Cure Notice to a Market Participant in

respect of a Suspension Event described in any of clauses 9.19.1(c) to

9.19.1(m), AEMO may extend the deadline for remedying the Suspension

Event for such period as AEMO considers appropriate if AEMO considers that:

$a$ the Market Participant will be able to remedy the Suspension Event before the end of the extended deadline; and

$b$ the Market Participant is not capable of doing so within the 24 hours following the issuance of the Cure Notice.

9.19.7. If a Market Participant does not remedy a Suspension Event

before the deadline specified in clause 9.19.4(a) (as extended, if applicable, under clauses 9.19.5 or 9.19.6), then AEMO may issue a Suspension Notice to the relevant Market Participant in which case section 2.32 applies.

9.20. Settlement in Default Situations

9.20.1. If a Rule Participant fails to make a payment under these WEM

Rules to AEMO before it is due, then AEMO may, as applicable, Draw Upon any Credit Support held in relation to that Rule Participant to meet the payment.

Explanatory Note

Clause 9.20.2(b) is amended and new clauses 9.20.2A to 9.20.2C are introduced to enable AEMO to disgorge, repay or pay a Repaid Amount and recover the payment from Market Participants through a levy similar in design to the current Default Levy.

The defined term Repaid Amount Levy is introduced in the Glossary.

9.20.2. If, under Part 5.7B of the Corporations Act or another law

relating to insolvency or the protection of creditors or similar matters, AEMO is required to disgorge or repay an amount, or pay an amount equivalent to an amount, paid by a Rule Participant under the WEM Rules:

$a$ AEMO may Draw Upon any Credit Support held by AEMO in relation to the Rule Participant for the amount disgorged, repaid or paid (“Repaid Amount”); and

$b$ If AEMO is not able to recover all or part of the Repaid Amount by drawing upon Credit Support held by AEMO in relation to the Rule Participant, then AEMO must raise a Repaid Amount Levy from all Market Participants (other than from Market Participants with unrecovered Payment Defaults) to recover the remainder of the Repaid Amount. AEMO will determine the amount to be paid by each Market Participant, having regard to the absolute value of the MWh of generation or consumption, determined in accordance with the Metered Schedules, for each Market Participant for Trading Intervals during the most recent Trading Week for which Settlement Statements have been issued, as a proportion of the total of those values for all Market Participants (other than Market Participants with unrecovered Payment Defaults).

9.20.2A. AEMO must notify each relevant Market Participant of the amount

it must pay in respect of the Repaid Amount Levy as determined in accordance with clause 9.20.2(b) within six Business Days of AEMO being notified of the requirement to provide the Repaid Amount under clause

9.20.2. 9.20.2B. A Market Participant must pay the full amount notified by AEMO

under clause 9.20.2A to AEMO (in cleared funds) by 10:00 AM on the eighth Business Day after the date of AEMO's notification under clause

9.20.2A, whether or not the Market Participant disputes the amount

required to be paid.

9.20.2C. By the end of the second month following the end of a Financial

Year, AEMO must re-allocate any Repaid Amount Levies raised during that Financial Year as follows:

$a$ AEMO will determine the sum of the Repaid Amount Levies raised by AEMO during the Financial Year;

$b$ AEMO will determine the aggregate Repaid Amount Levy amount which should have been paid by each Market Participant, having regard to the absolute value of the MWh of generation or consumption, as determined in accordance with the Metered Schedules for each Market Participant (excluding Market Participants with unrecovered Payment Defaults) for Trading Intervals during the Financial Year as a proportion of the total of those values for all these Market Participants;

$c$ AEMO must compare the amount determined for the Market Participant under clause 9.20.2C(b) with the total of the amounts the Market Participant has paid to AEMO under clause 9.20.2B;

$d$ AEMO must determine an appropriate adjustment to put each Market Participant in the position it would have been in had it paid the amount determined under clause 9.20.2C(b) instead of the amounts actually paid under clause 9.20.2B; and

$e$ AEMO must include that adjustment in the Settlement Statement for the most recently completed Trading Week.

Explanatory Note

Clause 9.20.3 is amended to give effect to the proposed process, outlined in the explanatory note for sections 2.24 and 2.25, for paying back Market Participant Regulator Fees and Market Participant Coordinator Fees as a result of a settlement Adjustment Process.

9.20.3. Notwithstanding anything else in these WEM Rules, if at any time

the total amount received by AEMO from Rule Participants in cleared funds, including any payments from AEMO on behalf of the Economic Regulation Authority under clause 9.15.8 and the Coordinator under clause 9.15.9 (“Total Amount”) is not sufficient to make the payments which AEMO is required to make under these WEM Rules (for example, as a result of default by one or more Rule Participants), then AEMO’s liability to make those payments is limited to the Total Amount.

9.20.4. AEMO must apply the Total Amount as follows.

$a$ First, AEMO must apply the Total Amount to satisfy:

i. payment of Service Fee Settlement Amounts to AEMO, the Economic Regulation Authority and the Coordinator (including as contemplated by clause 9.18.10); and

ii. payments which AEMO is required to make under Supplementary Capacity Contracts or to a provider of a System Restart Contract with AEMO, up to a maximum for any party of the net amount which, if sufficient funds were available, would be payable to that party,

but if the Total Amount is not sufficient to satisfy all of these payments then AEMO must reduce the payments proportionally. Each payment will be based on the proportion that the Total Amount bears to the amount that would have been required to make all payments.

$b$ Second, AEMO must apply the remainder to pay the net amounts (after the application of clause 9.20.4(a)) which, if sufficient funds were available, it would owe to Rule Participants in accordance with clause 9.18, where those amounts are reduced by applying the following formula:

AAP = (NAP / TNAP) × MAA

where:

i. AAP is the reduced amount actually payable by AEMO to a Rule Participant in respect of the relevant Trading Week;

ii. NAP is the net amount that would have been payable by AEMO to the Rule Participant (after the application of clause 9.20.4(a)) but for the application of this clause 9.20.4(b), in respect of the relevant Trading Week;

iii. TNAP is the total net amount payable by AEMO to all Rule Participants (after the application of clause 9.20.4(a)) but for the application of this clause 9.20.4(b), in respect of the relevant Trading Week, calculated by summing all values of NAP; and

iv. MAA is the remainder of the Total Amount available for payment by AEMO after the application of clause 9.20.4(a).

9.20.5. If AEMO has reduced any payment under clause 9.20.4 as a result

of a Payment Default and, within five Business Days of the Payment Default, it has received full or partial payment of the overdue amount, then AEMO must within one Business Day apply the amount received (including any interest paid under clause 9.18.7 in respect of the Payment Default) as follows.

$a$ First, AEMO must apply the amount received to pay parties who suffered a reduction under clause 9.20.4(a). The amount payable by AEMO to each party is equal to the amount by which that party’s payment was originally reduced under clause 9.20.4(a), adjusted to reflect interest accrued in accordance with clause 9.1.3 and any payments already made under this clause 9.20.5. However, if the amount received by AEMO is less than the total amount payable to these parties then AEMO must reduce the payments proportionally. Each payment will be based on the proportion that the amount received by AEMO bears to the total amount payable under this clause 9.20.5(a).

$b$ Second, AEMO must apply the remainder on a pro-rata basis to all Rule Participants who suffered a reduction under clause 9.20.4(b). The amount to be paid to each relevant Rule Participant is determined by applying the formula in clause 9.20.4(b), but as if:

i. AAP referred to the amount to be paid to each relevant Rule Participant;

ii. MAA referred to the remainder of the full or partial payment after the application of clause 9.20.5(a); and

iii. NAP and TNAP have the same values as when the reduction was calculated.

9.20.6. If, five Business Days after a Payment Default, AEMO is yet to

recover in full the overdue amount, then it must raise a Default Levy from all Market Participants (other than from Market Participants with unrecovered Payment Defaults) to cover the remaining shortfall (including interest calculated in accordance with clause 9.18.7). AEMO will determine the amount to be paid by each Market Participant, having regard to the absolute value of the MWh of generation or consumption, determined in accordance with the Metered Schedules, for each Market Participant for Trading Intervals during the most recent Trading Week for which Settlement Statements have been issued, as a proportion of the total of those values for all Market Participants (other than Market Participants with unrecovered Payment Defaults).

9.20.7. AEMO must notify each relevant Market Participant of the amount

it must pay in respect of the Default Levy as determined in accordance with clause 9.20.6 within six Business Days of the Payment Default occurring.

9.20.8. A Market Participant must pay the full amount notified by AEMO

under clause 9.20.7 to AEMO (in cleared funds) by 10:00 AM of the eighth Business Day following the date of the Payment Default, whether or not it disputes the amount notified.

9.20.9. By 2:00 PM on the eighth Business Day following the date of a

Payment Default, AEMO is to allocate the total of the Default Levy amounts received under clause 9.20.8 as follows.

$a$ First, AEMO must apply the total amount received to pay parties who suffered a reduction under clause 9.20.4(a). The amount payable by AEMO to each party is equal to the amount by which that party’s payment was originally reduced under clause 9.20.4(a), adjusted to reflect interest accrued in accordance with clause 9.1.4 and any payments already made under clause 9.20.5 or this clause 9.20.9. However, if the amount received by AEMO is less than the total amount payable to these parties then AEMO must reduce the payments proportionally. Each payment will be based on the proportion that the total amount received by AEMO bears to the total amount that would have been required to make all payments under this clause 9.20.9(a).

$b$ Second, AEMO must apply the remainder on a pro-rata basis to all Rule Participants who suffered a reduction under clause 9.20.4(b). The amount to be paid to each relevant Rule Participant is determined by applying the formula in clause 9.20.4(b), but as if:

i. AAP referred to the amount to be paid to each relevant Rule Participant;

ii. MAA referred to the remainder of the total of the Default Levy amounts received under clause 9.20.8 after the application of clause

9.20.9(a); and

iii. NAP and TNAP have the same values as when the reduction was calculated.

9.20.10. If a Market Participant pays part or all of a Default Levy

after the date and time prescribed in clause 9.20.8 but within five Business Days of that date, then AEMO must within one Business Day apply the amount received in accordance with clause 9.20.9 as if it was an amount received under clause 9.20.8.

9.20.11. By the end of the second month following the end of a Financial

Year, AEMO must re-allocate any Default Levies raised during that Financial Year as follows:

$a$ AEMO will determine the aggregate of the shortfalls in respect of which it raised Default Levies during the Financial Year less any subsequent amounts recovered and refunded under clause 9.20.12;

$b$ AEMO will determine the aggregate Default Levy amount which should have been paid by each Market Participant, having regard to the absolute value of the MWh of generation or consumption, as determined in accordance with the Metered Schedules for each Market Participant (excluding Market Participants with unrecovered Payment Defaults) for Trading Intervals during the Financial Year as a proportion of the total of those values for all these Market Participants;

$c$ AEMO must compare the amount determined for the Market Participant under clause 9.20.11(b) with the total of the amounts which the Market Participant actually paid under clause 9.20.8;

$d$ AEMO must determine an appropriate adjustment to put each Market Participant in the position it would have been in had it paid the amount determined under clause 9.20.11(b) instead of the amounts actually paid under clause 9.20.8; and

$e$ AEMO must include that adjustment in the Settlement Statement for the most recently completed Trading Week.

9.20.12. If, after raising a Default Levy in respect of a Payment

Default in accordance with clause 9.20.6, AEMO recovers all or part of the relevant shortfall from the defaulting Rule Participant, then it must use the amount recovered to refund Default Levy amounts paid under clause 9.20.8 in respect of the Payment Default as soon as practicable but not later than the end of the calendar month following the month in which the amount is recovered. AEMO will determine the amount to be refunded to each Market Participant which paid a Default Levy amount under clause 9.20.8 in respect of the Payment Default (as adjusted, if applicable, under clause 9.20.11). In determining the amount to be refunded to a Market Participant, AEMO must have regard to:

$a$ the amount recovered; and

$b$ the Default Levy amount paid by the Market Participant under clause 9.20.8 (as adjusted, if applicable, under clause 9.20.11) as a proportion of the total of those amounts paid by all Market Participants.

Explanatory Note

The WEM Regulations will be amended in 2021 to enable the ERA to issue Infringements (see Monitoring and Compliance Information Paper).

A Financial Penalty is a Civil Penalty or Infringement.

Section 9.21 is inserted to cater for the distribution of Financial Penalty amounts received by AEMO for certain breaches of the WEM Rules.

All Financial Penalty amounts paid will be redistributed to Market Participants (rather than State Government consolidated revenue).

Financial Penalty Distribution

9.21. Financial Penalty Distribution

9.21.1. For the purpose of Regulation 37(a) of the WEM Regulations,

where a Civil Penalty Amount is imposed on a Rule Participant for a breach of these WEM Rules, the amount of that Civil Penalty Amount received by AEMO shall be distributed in accordance with these WEM Rules.

9.21.2. Where a Financial Penalty is issued for a contravention of the

clauses listed in Schedule 1 of the WEM Regulations, AEMO must calculate for each Market Participant the Financial Penalty distribution amount. The Financial Penalty distribution amount must be distributed as soon as practicable following receipt of the Financial Penalty by AEMO. The Financial Penalty distribution amount for Market Participant p for a Financial Penalty is:

FinancialPenaltyDistribution(p) = FinancialPenaltyAmount × FinancialPenaltyShare(p)

where:

$a$ FinancialPenaltyAmount is the value of the Financial Penalty; and

$b$ FinancialPenaltyShare(p) is calculated in accordance with clause

9.21.3.

Explanatory Note

The Financial Penalty Share for Market Participant p is calculated as follows:

Step 1:

Participant Contribution for Market Participant p for Trading Day d

divided by

Total Participant Contribution for Trading Day d less the Participant Contribution for the Offending Rule Participant for Trading Day d.

Step 2:

Sum the amount calculated in Step 1 for all Trading Days in the set DistributionDays. (This set includes all days in the 12 months up to and including the day the Financial Penalty was issued).

Step 3:

Divide the number calculated in Step 2 by the number of days in the set DistributionDays.

\[\text{FinancialPenaltyShare(p)}\text{\\}\text{=}\sum\_{\text{d}\text{∈}\text{DistributionDays}}^{}\text{\\}\]

\[\left\lbrack \frac{\text{ParticipantContribution}\left( \text{p,d} \right)}{\text{TotalParticipantContribution}\left( \text{d} \right)\text{-ParticipantContribution}\left( \text{ORP,d} \right)} \right\rbrack\text{/n}\]

where:

$a$ ParticipantContribution(p,d) for Market Participant p for Trading Day d is calculated in accordance with clause 9.12.5;

$b$ TotalParticipantContribution(d) is calculated in accordance with clause 9.21.4;

$c$ ORP is the Offending Rule Participant;

$d$ p∈P denotes all Market Participants;

$e$ d∈DistributionDays denotes all Trading Days d in the set DistributionDays (DistributionDays is defined in clause 9.21.3(f));

$f$ DistributionDays denotes the set of all days in the 12 months up to and including the day the Financial Penalty was issued; and

$g$ n is the number of days in the set DistributionDays,

unless Market Participant p is the Offending Rule Participant, in which case the FinancialPenaltyShare(p) is to be calculated as 0.

Explanatory Note

The Total Participant Contribution amount for Trading Day d is the sum of the Participant Contribution for Trading Day d for all Market Participants.

The Participant Contribution is calculated in clause 9.12.5.

9.21.4. The Total Participant Contribution for Trading Day d is:

\[\text{TotalParticipantContribution}\left( \text{d} \right)\text{\\}\text{=}\sum\_{\text{p}\text{∈}\text{P}}^{}{\text{ParticipantContribution}\left( \text{p,d} \right)}\]

where:

$a$ ParticipantContribution(p,d) for Market Participant p for Trading Day d is calculated in accordance with clause 9.12.5; and

$b$ p∈P denotes all Market Participants.