The electricity market in Western Australia generates average daily volumes of 12GWh, with total annual trades of AUS $177MM and over a billion dollars in associated capacity payments. The Independent Market Operator, in cooperation with system operator System Management (SM), exists to ensure reliability of supply, put downward pressure on prices and maintain genuine competition within the wholesale market. To achieve this, IMO is bound by market rules which require it to complete an annual regulatory audit demonstrating compliance.
Drawing on our specialist knowledge of energy markets, PA has provided this audit every year since 2006. Each year we review the obligations placed on the IMO and SM and audit their internal operations and software systems for compliance. We investigate incidents that have occurred since the last audit, and highlight any which have had material impact. Our work allows IMO and SM to address any potential issues and gives IMO and its stakeholders confidence that the market is operating efficiently.