target audience: TECH BUYER Publication date: Apr 2022 - Document type: IDC Perspective - Doc Document number: # AP47076121
Life in the Fast Lane: Bringing a Five-Minute Settlement to the Australia Utilities Market
This IDC Perspective provides an overview of one of the largest transformations programs in the global energy industry — the Five-Minute Settlement (5MS) program in Australia. This document describes the impact of 5MS on the Australia utilities market and industry participants and highlights the solution, approach, governing structure, benefits, and strategic partnership with Tata Consultancy Services, which has the Australian Energy Market Operator (AEMO) transform to achieve its desired outcomes.
"5MS is a significant reform that has impacted all participants in the Australia electricity market. It will not only vanish market anomalies and bidding inconsistencies but also bring equitable price signals across generation fleets as well as encourage battery storage and renewable technologies investments," says Jayesh Verma, senior research manager, IDC Energy Insights.