Spot Market Operations Timetable – Shortening the Settlement Cycle and Cash Security Changes

Consultation process

Key contact

Email: [email protected]

Matters under consultation

AEMO is implementing the Shortening the Settlement Cycle (SSC) reform following the Australian Energy Market Commission’s final determination, made on 12 December 2024. The change was made in response to GloBird Energy’s rule change request to shorten the settlement cycle.

The final rule shortens the National Electricity Market (NEM) settlement cycle to nine business days following the end of a billing period and introduces a new revision 20 business days following the end of the billing period. The final rule will commence at the start of billing week 33 on 9 August 2026.

AEMO is also implementing the Cash as Credit Support (Cash Security) reform following the Australian Energy Market Commission’s final determination, made on 26 June 2025.

The final rule, effective 1 November 2026, allows NEM Market Participants to provide cash as a form of credit support, up to a limit of $20 million (known as the Cash Security Limit), indexed yearly against CPI.

The Spot Market Operations Timetable (Timetable) specifies who must do what by when in the spot market. The Timetable applies to AEMO and all Registered Participants.

AEMO has now completed its consultation on minor and administrative amendments to the Timetable in accordance with NER 3.4.3(b1) of the National Electricity Rules (NER).

The Spot Market Operations Timetable with SSC changes (v1.13) will take effect from 9 August 2026, and the Spot market Operations Timetable with SSC and Cash Security changes (v1.14) will take effect from 1 November 2026, thus superseding version 1.13.

Scope

The focus of the proposed minor and administrative amendments to the Timetable are to:

• Implement the National Electricity Amendment (Shortening the settlement cycle) Rule 2024 No. 22 (SSC Rule) by reflecting changes to terms and concepts in the NER under the SSC Rule.
• Implement the National Electricity Amendment (Allowing AEMO to accept cash as credit support) Rule 2025 No. 8 (Cash Security Rule) by reflecting changes to terms and concepts in the NER under the Cash Security Rule.