The ERA maintains this Offer Construction Guideline (Guideline) under ESM Rules’ clause 2.16D.1(a) to:
- Provide guidance to Market Participants in relation to the application of ESM Rules’ clause 2.16C.6A (formulating an Economic Price Offer).
- Assist Market Participants in identifying what may be included as efficient variable costs when offering prices in a Portfolio Supply Curve or Real-Time Market Submissions (including all costs incurred under long-term take-or-pay fuel contracts).
- Detail how the ERA will assess prices offered under ESM Rules’ clause 2.16C.6.
- Outline how the ERA will consider price offers for different facility types, including Electric Storage Resources.
- Provide examples illustrating the types of conduct that the ERA considers would be likely to contravene the obligation of Market Participants to submit Economic Price Offers.
- Provide guidance to Market Participants on how the ERA will assess inefficient market outcomes under ESM Rules’ clause 2.16C.7.
File Attachment
Current guideline
20 Jan 2025
Requesting guidance
Market Participants that have been notified that they are a Material Portfolio or Material Constrained Portfolio (ESM Rules’ clauses 2.16C.1(c)(ii) and 2.16C.2(d)) may request guidance from the ERA in relation to the Offer Construction Guideline (ESM Rules’ clause 2.16D.6).
In accordance with the WEM Procedure and the ESM Rules’ clause 2.16D.6, for the ERA to consider providing guidance, a request must:
- be in writing, using the online form linked below
- identify the matters in the Offer Construction Guideline on which the Market Participant is seeking guidance.
- specify the Market Participant's reasons for seeking guidance.
- where relevant, provide supporting materials that illustrate or evidence the matters raised in the request.
The ERA is only required to consider requests for guidance on the Offer Construction Guideline that comply with ESM Rules’ clause 2.16D.5.
Additional guidance provided by the ERA is published below under the relevant version of the Offer Construction Guideline.
2026 Review
Discussion paper and submissions
2024 Review
This version of the Offer Construction Guideline was developed alongside the Trading Conduct Guideline, which is reflected in the reports and public submissions published below.
File Attachment
Final report
20 Jan 2025
20 Jan 2025
File Attachment
Second draft report and submissions
File Attachment
First draft report and submissions
2023 Development
This version of the Offer Construction Guideline was developed alongside the Trading Conduct Guideline, which is reflected in the reports and public submissions published below.