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Clearing payments

All Wholesale Electricity Market (WEM) transactions, other than bilaterally traded quantities, are settled in accordance with this Settlement Cycle Timeline document.

To settle with AEMO, all participants transacting in the WEM require:

  1. A valid Austraclear account in the name of the participant; or
  2. A valid Austraclear account provided by a third party.

Austraclear is provided by the ASX.

Information required by AEMO before a participant may trade in the WEM

For a participant Austraclear account
  1. The account must be in the registered name of the participant.
  2. The participant must provide proof of the account to AEMO.
  3. The participant must confirm that the online training for the Austraclear system has been completed.
For a third-party Austraclear account

The use of third-party Austraclear accounts is acceptable in certain circumstances. This must be approved by AEMO, and is subject to the following pre-requisites:

  1. The third party must be a special purpose electricity member or full member of Austraclear (unless associate membership is granted by Austraclear).
  2. The participant must formally apply to AEMO for approval.
  3. As a pre-requisite of approval, the participant must authorise AEMO to transact with the third party on the participant's behalf. This authorisation must be in writing, and:
    • Be signed by the participant's directors or under company seal.
    • Include a statement that the participant:
      i. acknowledges that, notwithstanding approval of the third party to act on the participant's behalf, the participant's obligations under the WEM Rules remain unaffected, and ii. will procure the third party to comply with the participant's obligations under the WEM Rules.
    • Detail the participant's process for resolving situations where the third party is not, or may not be, complying with the WEM Rules.
    • Include a statement from the third party, signed by the third party's directors or under company seal, that:
      i. the participant has explained the obligations under the WEM Rules with which the third party must comply, and ii. the third party will comply with these obligations, particularly the obligation under WEM Rule 9.22.6 to cause the amount specified in that rule to be paid via Austraclear before 10:00 am WST on the date specified in that rule.
  4. The participant must provide proof of the account to AEMO.

Timeframe for provision of information to AEMO

All information must be submitted to AEMO Market Operations (WA) at least five business days prior to the date from which a participant wishes to participate in the WEM.

Failure to supply the required information within the timeframe required by AEMO may result in the participant being unable to participate in trading via the Wholesale Electricity Market System (WEMS), and also may result in market generators being unable to receive compensation for energy generated.

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