AEMC: five minute settlement final rule change
“The Australian Energy Market Commission today made a final rule to change the settlement period for the electricity spot price from 30 minutes to five minutes, starting in 2021.
This fundamental change will help get the electricity wholesale market ready for new technologies that enable the power system to operate in a more dynamic way.
Five minute settlement provides a better price signal for investment in fast response technologies, such as batteries, new generation gas peaker plants and demand response.
These fast responders are needed to support the increasing penetration of variable generation in the market…”