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Decision
The Energy Market Authority (“EMA”) implemented vesting contracts on 1 Jan 2004. The objective of the vesting regime is to control the market power of generation companies (“gencos”) in order to promote efficiency and competition in the electricity market for the benefit of consumers. The vesting contracts commit the gencos to sell a specified amount of electricity (viz. the vesting contract level) at a specified price (viz. the vesting price).
The existing LRMC parameters were determined in Sep 2004. These parameters are used to set the vesting price for the 2 years from 1 Jan 2005 to 31 Dec 2006. A summary of EMA’s determination of the LRMC parameters to be used to set the vesting price for 1 Jan 2007 to 31 Dec 2008 is set out in Appendix 1. In its determination of the parameters, EMA has taken into consideration the comments and feedback it received from the industry through plenary submissions, e-mails and letters. EMA’s response to feedback from participants is given in Appendix 2.
Update
The consultation has closed for comments.
Consultations
Please refer to the consultation document for the proposed LRMC parameters to be used to set the vesting price for 1 Jan 2007 to 31 Dec 2008.
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