AEMO National Electricity Law
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AEMO’s Electricity functions are prescribed in the National Electricity Law (NEL) while procedures and processes for market operations, power system security, network connection and access, pricing for network services in the NEM and national transmission planning are all prescribed in the Rules.
The NEL is contained in a Schedule to the National Electricity (South Australia) Act 1996 and has been adopted by each of the participating jurisdictions.
The Australian Energy Market Commission (AEMC) and the Australian Energy Regulator (AER) are responsible for overseeing and regulating the NEM. The AEMC is responsible for rule making in response to requests for rule changes. The AER has responsibility for enforcing and monitoring compliance with the Rules, as well as responsibility for economic regulation of electricity transmission.
The National Electricity Objective, set out in the NEL, is to -
"promote efficient investment in, and efficient operation and use of, electricity services for the long term interests of consumers of electricity with respect to -
(a) price, quality, safety, reliability and security of supply of electricity; and
(b) the reliability, safety and security of the national electricity system"