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EMA, in its capacity as the Power System Operator, publishes the budget and fees for three consecutive fiscal years.
Under the Market Rules Chapter 2 Section 12.1.1, the PSO shall, at least once every 3 fiscal years, review the fees that it proposes to charge for the recovery of its administrative costs in respect of a period of no more than the next 3 consecutive fiscal years.
The proposed expenditure and schedule of the fees are shown in the table below.
FY2024/25 | FY2025/26 | FY2026/27 | |
---|---|---|---|
PSO proposed expenditure and revenue requirement for 3-fiscal year period ($'000) | 38,538 | 43,892 | 47,787 |
Projected Electricity Sales (GWh) | 53,555 | 55,822 | 59,289 |
Estimated PSO Fees ($/MWh)* | 0.3598 | 0.3931 | 0.4030 |
Note:
* Based on MWh traded (~2 times of projected electricity sales) in the wholesale electricity market. The PSO Fee excludes the estimated PSO Fixed fees (which was introduced on 1 July 2018) of $200,000 annually, which will be collected separately.
Under the Market Rules Chapter 2 Section 12.1.3, PSO is required to publish its finalised budget and fees for three consecutive fiscal years. Where there is under/over recovery at the end of each fiscal year, PSO is required (under Chapter 2 Section 12.1.5 of the Market Rules) to publish the revised expenditure, revenue requirements and schedule of fees as soon as practicable.
The revised expenditure and revenue requirements and schedule of fees (as at 1 August 2023) are shown in the table below.
Items | FY2021/22 | FY2022/23 | FY2023/24 |
---|---|---|---|
PSO proposed expenditure and revenue requirement for 3-fiscal year period ($'000) | 30,773 | 32,044 | 33,961 |
Previous year's audited adjustments | (5,402) | (2,351) | (1,552) |
PSO finalised expenditure and revenue requirement for each FY | 25,371 | 29,693 | 32,409 |
Projected Electricity Sales (GWh) | 50,061* | 50,650* | 50,586 |
Estimated PSO Fees ($/MWh)** | 0.2534 | 0.2931 | 0.3203 |
Note:
(1)* Actual Electricity Sales figure for previous fiscal years.
(2)**Based on MWh traded (~2 times of Projected Electricity Sales from the official EDF2022) in the wholesale electricity market. The PSO Fee excludes the estimated PSO Fixed Fees (which was introduced in 1 July 2018) of $200,000 annually, which will be collected separately.
(3) The following PSO Fixed Fees were introduced with effect from 1 July 2018 as part of cost recovery of PSO Fees. The total PSO’s expenditure and revenue remains the same as published in the above table.
- Market Participant (MP) Fee (annual)- $3,500 per MP
- MP Registration Fee (one-off)- $1,650 per legal entity registration