METHODOLOGIES IN THE CUMULATIVE IMBALANCE/RECONCILIATION ACCOUNT BALANCE CASH SETTLEMENT PROCESS

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1 METHODOLOGIES IN THE CUMULATIVE IMBALANCE/RECONCILIATION ACCOUNT BALANCE CASH SETTLEMENT PROCESS PREPARED BY: Gas Retail Market Performance VERSION: 1 DATE: 23 August 2010 FINAL

2 Contents 1 Clause 37.3 Final reconciliation account balances Apportioning the UAG adjustment amount (clause 37.3(2)(d)) Apportionment methodology Worked Example Clause 37.5 FCI/RAB settlement amounts FCI/RAB settlement price (clause 37.5(1)(a)) FCI/RAB settlement price methodology Worked Example August 2010 Page 2 of 12

3 Version Release History VERSION DATE BY CHANGES 1 1 July July 2010 Gas Retail Market Performance Gas Retail Market Performance Original draft Draft incorporating feedback from 13 July 2010 GRCF meeting. Disclaimer (a) Purpose This Policy has been produced by the Australian Energy Market Operator Limited (AEMO) to provide users with detail of the methodologies that AEMO would apply with respect to clauses 37.3(2)(d) and clause 37.5(1)(a) of the Gas Retail Market Procedures (NSW & ACT) (Procedures), as at the date of publication. (b) No substitute This Guide is not a substitute for, and should not be read in lieu of, the National Gas Law (NGL), the National Gas Rules (Rules) or any other relevant laws, codes, rules, procedures or policies. Further, the contents of this Guide do not constitute legal or business advice and should not be relied on as a substitute for obtaining detailed advice about the NGL, the Rules, or any other relevant laws, codes, rules, procedures or policies, or any aspect of the national gas market or the gas industry. (c) No Warranty While AEMO has used due care and skill in the production of this Guide, neither AEMO, nor any of its employees, agents and consultants make any representation or warranty as to the accuracy, reliability, completeness or suitability for particular purposes of the information in this Guide. (d) Limitation of liability - To the extent permitted by law, AEMO and its advisers, consultants and other contributors to this Guide (or their respective associated companies, businesses, partners, directors, officers or employees) shall not be liable for any errors, omissions, defects or misrepresentations in the information contained in this Guide, or for any loss or damage suffered by persons who use or rely on such information (including by reason of negligence, negligent misstatement or otherwise). If any law prohibits the exclusion of such liability, AEMO s liability is limited, at AEMO s option, to the re-supply of the information, provided that this limitation is permitted by law and is fair and reasonable All rights reserved. 23 August 2010 Page 3 of 12

4 Introduction Clause 37 of the NSW/ACT Gas Retail Market Procedures (Procedures) details the cumulative imbalance (CI)/reconciliation account balance (RAB) cash settlement process. Two sub sections in clause 37 refer to methodologies that AEMO will develop to apply in giving effect to the processes detailed in those sub clauses, namely: Apportioning the UAG adjustment amount (clause 37.3(2)(d)) (discussed in Section 1.1 of this document); and Determining the FCI/RAB settlement price (clause 37.5(1)(a)) (discussed in Section 2.1 of this document). This document is structured in the following manner: The overarching sub clauses (i.e. clause 37.3 and clause 37.5 respectively) that refer to their respective methodologies are outlined to provide context; and The detailed methodologies AEMO will apply when operating under the above sub sections are described. To illustrate how these methodologies would operate, worked examples are provided. Note that where clauses are quoted, words in italics refer to terms defined by the Procedures. Where relevant, the definitions for these italicised words are also outlined. Whilst the methodologies as outlined in this document are the definitive steps to be used in applying clause 37.3(2)(d),and clause 37.5(1)(a), reference should be made to the Procedures to understand the full operation of clause August 2010 Page 4 of 12

5 1 Clause 37.3 Final reconciliation account balances Clause 37.3 relates to determining users final RABs ( adjusted RABs ). Clause 37.3 outlines the steps to arrive at users adjusted RABs, namely the apportionment of the UAG adjustment amount to users RABs as they stand at the end of the last day before STTM commencement. 1.1 Apportioning the UAG adjustment amount (clause 37.3(2)(d)) Clause 37.3(2)(d) states that: The adjusted reconciliation account balance for each user, which is to be determined by apportioning the UAG adjustment amount to the reconciliation account balances of each user as notified to AEMO under clause 37.3(1)(b), in accordance with a methodology to be developed by AEMO. The UAG adjustment amount is defined by Clause 37.3(2)(c) as: PUAG DUAG where: PUAG = the amount calculated under clause 37.3(2)(a); and DUAG = the amount calculated under clause 37.3(2)(b); Apportionment methodology The methodology to apply the process outlined under clause 37.3(2)(d) comprises of the following: 1. The UAG adjustment amount will be apportioned to each user in proportion to each user s average percentage share of the net section load (NSL) as calculated by the Data Estimation Entity (DEE) in accordance with clause 31.6(1). For the purposes of this calculation, AEMO will use the average percentage share of NSL that has been calculated by the DEE for the seven gas days immediately preceding the STTM commencement date (i.e. if the STTM commencement date is 1 September 2010, then the period used would be Wednesday 25 August Tuesday 31 August 2010 inclusive). 2. AEMO will calculate each user s share of the UAG adjustment amount by multiplying the user s average share of NSL (as determined in step 1 above) against the UAG adjustment amount. 3. The user s adjusted reconciliation account balance is then calculated by subtracting the user s share of the UAG adjustment amount (as calculated in step 2 above) from the reconciliation account balance for that user (as notified by the DEE in accordance with clause 37.3(1)(b)) Worked Example 1. Users RABs are calculated under clause 37.3(1)(a) and provided to AEMO on RAB calculation day. For the purposes of this worked example, the following users RAB positions are assumed to have been provided to AEMO: 23 August 2010 Page 5 of 12

6 Positive RABs User 1: TJ Negative RABs User 2: - 10 TJ User 3: - 10 TJ User 4: - 10 TJ Amount that can be settled: + 30 TJ Aggregate for network section: + 70 TJ AEMO s application of the formulas in clause 37.3(2)(c) in theory should arrive at a UAG adjustment amount that is the same as the aggregate RAB for the network section: + 70 TJ. 2. For the purposes of this worked example, the DEE is assumed to have calculated the percentage share of NSL for each user for the seven gas days immediately preceding the STTM commencement date (i.e. if the STTM commencement date is 1 September 2010, then the period used would be Wednesday 25 August Tuesday 31 August 2010 inclusive) as follows: User 1: User 2: User 3: User 4: Each user s percentage share of NSL will be multiplied against the UAG adjustment amount (the steps shown in brackets). The resulting amounts (from the calculations in the brackets) for each user will be subtracted from their individual RAB levels that were notified to AEMO, generating the following results: User 1: 100 TJ [ 70 TJ x ] = TJ. User 2: 10 TJ [ 70 TJ x ] = 20.5 TJ. User 3: 10 TJ [ 70 TJ x ] = 24.0 TJ. User 4: 10 TJ [ 70 TJ x ] = 13.5 TJ. Step 3 shows how all of the users RAB positions are adjusted down by subtracting their (market share) based allocation of the UAG adjustment amount. The balances that remain are the RAB amounts that can be settled amongst the users, the true RAB position otherwise known as the adjusted RAB that is to be reported by AEMO to each user under clause 37.3(3). 23 August 2010 Page 6 of 12

7 2 Clause 37.5 FCI/RAB settlement amounts Clause 37.5 outlines the process for calculating the final CI/RAB (FCI/RAB) settlement amount payable by or to users. The FCI/RAB settlement amount payable by or to users is equal to the product of users FCI/RAB amount multiplied by the FCI/RAB settlement price that would be applied to those amounts. Clause 37.5 also details timelines of when users that owe monies are required to pay AEMO, and when AEMO acting as a clearing house transfers monies to those users that are owed FCI/RAB settlement amounts. 2.1 FCI/RAB settlement price (clause 37.5(1)(a)) One aspect of determining the FCI/RAB settlement amount payable is the FCI/RAB settlement price. Clause 37.5(1)(a) outlines the principles under which the FCI/RAB settlement price will be determined: (1) By 1700h on the FCI/RAB invoicing day, AEMO must calculate: (a) the FCI/RAB settlement price, being a price (expressed in $/GJ) that is calculated in accordance with a methodology developed by AEMO and that: (i) is based on a weighted average of the market price for each complete scheduling horizon that occurs in the price calculation period (for these purposes, where the market price for a scheduling horizon exceeds the administered price cap, that market price will be taken to be equal to the administered price cap); (ii) includes a haulage charge that is based on the weighted average of the published firm forward pipeline tariffs applicable for each day during the price calculation period for the Eastern Gas Pipeline and the Moomba-Sydney Pipeline, with a deemed load factor of 75%; 1 and (iii) is exclusive of GST.... For the purposes of clause 37.5(1)(a)(i), the terms market price, scheduling horizon and administered price cap have the meanings given to them in Part 19 of the Rules. The Procedures define price calculation period to be the two month period that commences at the beginning of the month immediately prior to the month in which the RAB calculation day occurs. The RAB calculation day is defined as four business days after the end of the month that is the fifth month after the month in which the STTM commencement date occurs. For an STTM commencement date of 1 September 2010, the RAB calculation date will be 4 March 2011, and the price calculation period will be 1 February 2011 to 31 March This 75% rate does not appear in the current clause 37.5(1)(a)(ii) a figure of 100% currently appears. Note that a proposed Procedure change is currently in train to ensure that a 75% amendment applies. 23 August 2010 Page 7 of 12

8 2.1.1 FCI/RAB settlement price methodology The methodology that AEMO will use to apply the principles outlined under clause 37.5(1)(a) is set out below: 1. With respect to clause 37.5(1)(a)(i) AEMO will use the weighted average of the market prices for the Victorian gas market, capped at the Victorian gas market s administered price cap for any individual day. Specifically the Market Information Bulletin Board (MIBB) report INT042 ( int042_v4_weighted_average_daily_prices ) in the Victorian Declared Wholesale Market will be used. INT042 provides a month s set of data giving a daily imbalance and deviation weighted average daily price (column B). The AEMO website (as at Monday 21 June 2010) lists the administered price cap (fee Rate ex GST) at $40/GJ from 1 June a. If the imbalance and deviation weighted average daily price for any gas day in the price calculation period exceeds the administered price cap, AEMO will use the administered price cap for that day instead. b. AEMO will then calculate the average market price by dividing the sum of the imbalance and deviation weighted average daily price (capped at the administered price cap where appropriate) for each gas day in the price calculation period by the number of days in the price calculation period. 2. With respect to clause 37.5(1)(a)(ii) AEMO will calculate the weighted average of the published firm forward pipeline tariffs applicable for each day during the pricing calculation period for the Eastern Gas Pipeline (EGP) and the Moomba-Sydney Pipeline (MSP), with a deemed load factor of 75%. 3 a. On the FCI/RAB invoicing day, AEMO will extract the firm forward pipeline tariffs that applied on gas days over the price calculation period from the Jemena and APA Group websites. 4 i. For the EGP, AEMO will use the Firm Forward Haulage service; Zone 3 (Longford to Horsley Park). Apply the 75% deemed load factor by dividing the above result by ii. For the MSP, AEMO will Multiply the capacity tariff by the Moomba-Wilton Receipt Point distance (1299 km as advised by APA Group); Apply the 75% deemed load factor by dividing the above result by 0.75; Add the result to the throughput tariff component. The throughput tariff component is determined by multiplying the throughput tariff by the Moomba-Wilton Receipt Point distance (1299 km as advised by APA Group); and 2 3 See footnote and 23 August 2010 Page 8 of 12

9 The final total represents the firm forward pipeline tariff expressed in $/GJ. b. AEMO will calculate the haulage charge as the average of the EGP and MSP firm forward pipeline tariffs as follows: Haulage charge = (EGP firm forward pipeline tariff + MSP firm forward pipeline tariff) / 2 3. AEMO will calculate the FCI/RAB Settlement Price as the sum of the average market price (calculated at step 1(c) above) and the haulage charge (calculated at step 2(b) above) Worked Example For the purposes of this worked example, a price calculation period of 1 February 2010 to 31 March 2010 is used to illustrate the steps that AEMO will follow to calculate the FCI/RAB Settlement Price. It is noted that for an STTM commencement date of 1 September 2010, the true price calculation period will be 1 February 2011 to 31 March Calculate the average market price. a. Extract the imbalance and deviation weighted average daily price from the INT042 report for the price calculation period. b. Identify whether any of the imbalance and deviation weighted average daily price exceed the administered price cap. c. Calculate the average market price by dividing the sum of the imbalance and deviation weighted average daily price (capped at the administered price cap) for each gas day in the price calculation period by the number of days in the price calculation period. The following is a screenshot of the combined data for MIBB reports over 1 February March 2010 covering two month periods: 1 28 February 2010 and 1 31 March The screenshot shows steps 1a c. As shown in the screen shot, the average market price over the price calculation period is calculated to be $ /GJ (7 decimal places). 23 August 2010 Page 9 of 12

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12 2. Calculate the haulage charge. a. The firm forward pipeline tariffs that applied for the period 1 February 2010 to 31 March 2010 are set out below. i. EGP firm forward pipeline tariff: From 1 January 2010, with respect to the EGP: o Firm Forward Haulage service; Zone 3 (Longford to Horsley Park): $ per GJ. 5 o Applying the 75% deemed load factor by dividing the above result by 0.75 = $1.1119/0.75 = $ (7 decimal places) ii. MSP firm forward pipeline tariff: As at 1 January 2010, with respect to the MSP: o Capacity tariff: $ / km per GJ of MDQ. o Throughput tariff: $ / km per GJ of actual throughput. Applying the Moomba-Wilton Receipt Point distance (1299 km as advised by APA Group), the following tariffs would apply: o Capacity tariff: ($ x 1299)/ 0.75 = $ per GJ of MDQ. o Throughput tariff: $ x 1299 = $ per GJ of actual throughput. o MSP firm forward pipeline tariff = Capacity tariff + Throughput tariff = $ per GJ. Note: All Tariffs exclude GST. 6 b. Calculate the haulage charge as the average of the EGP and MSP firm forward pipeline tariffs as follows: o Haulage charge = ($ $ ) / 2 = $ per GJ (rounded to 7 decimal places). 3. FCI/RAB settlement price = average market price + haulage charge = $( $ ) per GJ. = $ per GJ August 2010 Page 12 of 12

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