The Authority is responsible for monitoring and reviewing the effectiveness of the Wholesale Electricity Market in meeting the Wholesale Market Objectives.

In conjunction with the Independent Market Operator (the IMO), the Authority is responsible for monitoring and reviewing:

• Inappropriate and anomalous market behaviour including the abuse of market power and exploitation of any shortcomings of the Market Rules;
• Market design and market structure problems;
• The effectiveness of procurement processes of ancillary and balancing support services, including Ancillary Service Contracts and Balancing Support Contracts.

In addition, the Authority will be required to review:

• The methodologies for setting the Maximum Reserve Capacity Price and Energy Price Limits every five years; and
• The operation of the market every three years;
• The effectiveness of Market Rules and Procedures change processes;
• The effectiveness of compliance monitoring and enforcement measures; and
• Effectiveness of the IMO and System Management in carrying out their functions.