All scheduled generators must submit a Bidstack corresponding to each individual generating unit to AEMO which will determine how the plant is operated or dispatched and form an input to determine the spot price for each five minutes.
Each Bidstack has 10 different price bands. 10 different prices set between the market price floor of -1,000 and the market price cap.
For each half hour of the trading day which runs from 4 a.m. to 4 a.m., the generators must split up their total available megawatts across these 10 price bands to form the Bidstack.
Different types of generating units will have different types of Bidtstacks. Baseload units may have a minimum generating level bid in at a low, even negative, price as it is more economical for the units to stay on in low rices rather than to have to shut down and restart.
Peaking units like gas fired generators or hydro units can start faster and my bid in to respond to high price events or just to be dispatched at peak demand times.
All Bidstacks for a trading day must be submitted to AEMO by 12:30 p.m on the day before. Up to that point, generators can unconditionally submit as many changes as they like. Post 12:30pm, each new Bidstack or rebid must be submitted with a rebid reason to describe why the change to the Bidstack was made.
National electricity Rules require that generators make all bids and rebids in good faith such that at the time of making the bid, the generators must have a genuine intent to honour that bid if the material conditions and circumstances upon which the bid is based remain unchanged.
When making a rebid, the reason must capture what material conditions or circumstances change which prompted the rebid.
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