Organisations involved in the generation and trading of electricity will experience a 6-fold increase in the volume of data, with around 70 different industry procedures affected. So what does this mean for your business and how can you make sure that you are prepared?
Organisations should monitor outputs from the various working groups posted on the Australian Energy Market Operators website. While some rule changes have been finalised well ahead of the 2021 deadline, there are still many procedural and system changes in the planning process, with workstreams meeting regularly to develop the changes needed at metering, dispatch and settlement levels. This means that it is still a moveable feast – and companies need to remain up to date on the plans and understand how these changes may impact their own processes and data flows.
While this process continues, organisations can positions themselves positively and conduct a review of their own systems and processes from end to end. Therefore, organisations need to be looking at what processes are delivered manually, as well as those that are automated as the quantity of data involved is going to increase exponentially – and manual processes are a potential point of failure. Databases need to be examined to make sure they can cope with data volumes and any process that is time-dependent needs to be evaluated to ensure that they can still complete within the required time frames. Market communication methods will also change with new options such as APIs becoming available for bid and offer submission. So while assessing the impact that the changes will bring it’s also worth looking at whether you want to incorporate new technologies into your systems.
The process could be seen as daunting, but it presents organisations with a great opportunity to review their operations from end to end. Here at capSpire, we’re working with a number of organisations to carry out reviews of systems and procedures, using our years of European and Australian energy industry expertise. To find out more about how we can assist you to get your business ready for 5-minute settlement, please email firstname.lastname@example.org.
capSpire provides the unique combination of industry knowledge and business expertise required to deliver impactful business solutions. Trusted by some of the world’s leading companies, capSpire’s team of industry experts and senior advisors empowers its clients with the business strategies and solutions required to effectively streamline business processes and attain maximum value from their supporting IT infrastructure. For more information, please visit www.capspire.com.