6. System operation and wholesale and related markets
67. The Commission should promote and facilitate efficient and well-functioning markets and related arrangements for:
- common quality and real-time security
- dispatch and pool rules
- reconciliation and settlement
- information disclosure to improve market efficiency, including:
- aggregate hedge and contract prices and volumes
- offers by generators
- minimum prudential standards
- hedge market transparency and liquidity.
Transmission risk management
68. The Commission should oversee the development of arrangements that will enable market participants to manage financial risk in respect of transmission losses and constraints.
69. The product developed should include the following broad principles:
- realistic long-term risk management mechanisms should be made available to all parties that face financial risks arising from spot price effects caused by transmission losses and constraints;
- economic efficiency, including the integrity of price signals, should be maintained or improved; and
- solutions should be pragmatic and not overly complex to use.
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