The Energy Industry (Rule Change Panel) Regulations 2016 were gazetted on 23 November 2016. These regulations form part of earlier Electricity Market Review legislation and establish an independent Rule Change Panel that will be responsible for developing and amending the Wholesale Electricity Market Rules and Gas Services Information Rules from 3 April 2017.
The Rule Change Panel itself will consist of three members appointed by the Minister for Energy and supported by an Executive Officer and additional staff from within the ERA Secretariat. Whilst the Panel is being formed, any decisions on WEM Rule changes until 1 July 2017, will be made by the Minister for Energy.
Prior to this transfer of responsibility, WEM Rule Changes were managed by the Independent Market Operator (IMO).
Whilst the Rule Change Panel is independent of the ERA, it will support the new panel. This responsibility is in addition to responsibility for ensuring compliance and enforcement of market participants with the Wholesale Electricity Market Rules which was transferred to the ERA from the IMO in July 2016.