Type: Standard Rule Change Process
Submitter: IMO
Title: Funding of SRC in the event of capacity credit cancellation
Market Rules Affected: Clauses 4.28.4, 4.28.4A, 4.28.4B and 4.28.4C.
Date Submitted: 02 October 2008
Date First Published on the IMO Website: 07 November 2008
Current Status: The second round of public submissions has now closed. The Final Rule Change Report will be published 26 June 2009.
| Event | Date | Comments |
|---|---|---|
| Notification Published | 7/11/2008 | |
| First Submission Period | 10/11/2008 – 22/12/2008 | The submission period is 6 weeks from the date the IMO published the notification |
| Draft Report Published | 20/03/2009 | This period has been extended in accordance with the notice of extension published on 12 March 2009. |
| Second Submission Published | 23/03/2009 - 20/05/2009 | The submission period is 20 B-Days from the date the IMO published the Draft Report |
| Final Report Published | 26/06/2009 | Must be published within 20 B-Days after the end of the second submission period. |
| Commencement | To Be Advised |
Submissions received during the first submission period
Submissions received during the first submission period- out of session
Submissions received during the second submission period
Documents relating to public workshop
Notice under Clause 2.5.12
11 May 2009
In accordance with clause 2.5.10 of the Market Rules, the IMO has extended the timeframe for the second submission period for the Rule Change Proposal titled "Funding of SRC in the Event of Capacity Credit Cancellation" (Ref: RC_2008_34).
The end date for the second submission period is extended from Wednesday, 13 May 2009 until 5.00pm Wednesday, 20 May 2009. As a consequence of this extension, the remaining timeline for processing the proposal has been adjusted as follows:
- Final Report Published - Friday, 26 June 2009
Reason for the extension
Today, 11 May 2009, the IMO published the McLellan Maganasik and Associates (MMA) report “Review of Rule Change 34 - issues arising from the public forum 28 April 2009”. The MMA report summarises the discussions held at the forum and provides a number of conclusions and recommendations for the IMO to consider.
At the public forum for RC_2008_34 a Market Participant requested that the IMO consider releasing a preliminary final decision on this Rule Change Proposal following the results of the MMA report.
The IMO has considered this request and the IMO is of the view that the established rule change process works well and that this process should be adhered to. Given the fact that the IMO is just publishing the MMA report today, the IMO considers that there is benefit in further extending the timeframe for the second submission period to allow stakeholders to appropriately consider the material and make submissions.
Proposed Work Program
- Interested parties submit on the Draft Rule Change Report and
- The IMO presents the outcomes and its decision in the Final Rule Change Report
