View the recording: MEInetwork24 Seminar #3 - Wholesale markets
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ABOUT
The Melbourne Energy Institute's third seminar in the MEInetwork24 Seminar Series was presented by Paul Austin, Group Manager Reform Delivery, from the Australian Energy Market Operator (AEMO) on 17 Jul 2024.
Paul's presentation provided an overview of the National Electricity Market (NEM) wholesale market, focusing on several key aspects. He explained the process of bidding and dispatching electricity, which determines how electricity supply meets real-time demand.
Other topics covered included Frequency Control Ancillary Services (FCAS), essential for maintaining system stability, and how constraints and locational pricing influence electricity flow and costs. Additionally, the interaction between the spot market, where electricity is traded for immediate delivery, and the contract market, used for hedging against price volatility. Finally, Paul addressed how wholesale prices impact retail electricity prices, affecting consumers directly.
PRESENTER
Paul Austin
Group Manager Reform Delivery
Australian Energy Market Operator (AEMO)
Paul is a GM in the Reform Delivery division of AEMO responsible for working on major market reforms such as the Capacity Mechanism and Transmission Access Reform. Prior to this role he was responsible for market monitoring at AEMO and for establishing the Quarterly Energy Dynamics report.
Before joining AEMO Paul held various senior positions at both AGL and EnergyAustralia covering portfolio optimisation, forecasting and pricing, risk management and finance.
Paul is a mathematician by training and holds a Masters in Operations Research from the London School of Economics and a MBA from Melbourne Business School.
MODERATOR
A/Prof David Keith
Associate Professor of Strategy
Melbourne Business School (MBS)
Associate Director - Innovation and Sustainability
MBS Centre for Sustainability and Business
David is a leading researcher on the future of the automotive industry, exploring topics including consumer preferences for car ownership, EV adoption, and shared use; the dynamics of fleet turnover; platform competition in on-demand markets; and the development of robust EV charging infrastructure. Prior to joining MBS, David spent 9 years on the Faculty of the MIT Sloan School of Management, was co-founder and CEO of EV charging infrastructure financing platform Mobilyze.ai (acquired by FreeWire Technologies), has been a consultant to most global automakers, and worked in Product Planning for General Motors Holden.
About the MEInetwork24 Seminar Series - a deep dive into the electricity supply chain
The aim of the MEInetwork Seminar Series is to give participants a sound understanding of the current technical and economic factors that underpin the Australian energy system. Knowledge of these market factors is critical in determining the changes required to move towards a clean energy system.
Each year, the focus is turned to one of our primary energy vectors, cycling through the major topics of electricity, natural gas, and energy commodities.