Victorian Power Exchange
Encyclopedia
The Victorian Power Exchange (VPX) was established in 1995 by the Government of Victoria
as part of a restructuring of the State Electricity Commission of Victoria
(SECV) and the establishment of a competitive electricity market.
Its functions were to monitor and control the wholesale power exchange; ensure security of the power system; and plan and direct the augmentation of the transmission system within Victoria.
The design of the electricity market and the operation of the power exchange formed the basis for the National Electricity Market
.
VPX was a not for profit corporation owned by the Government of Victoria
. The board of directors comprised representatives of the electricity industry and independent members.
VPX was wound up in 1998 with establishment of NEMMCO
and the commencement of the National Electricity Market
. Its transmission planning function was transferred to VENCorp
.
Government of Victoria
The Government of Victoria, under the Constitution of Australia, ceded certain legislative and judicial powers to the Commonwealth, but retained complete independence in all other areas...
as part of a restructuring of the State Electricity Commission of Victoria
State Electricity Commission of Victoria
The State Electricity Commission of Victoria was a monopoly electricity generation, transmission and supply utility located in Victoria, Australia...
(SECV) and the establishment of a competitive electricity market.
Its functions were to monitor and control the wholesale power exchange; ensure security of the power system; and plan and direct the augmentation of the transmission system within Victoria.
The design of the electricity market and the operation of the power exchange formed the basis for the National Electricity Market
National Electricity Market
The National Electricity Market is the name of the Australian wholesale electricity market and the associated synchronous electricity transmission grid....
.
VPX was a not for profit corporation owned by the Government of Victoria
Government of Victoria
The Government of Victoria, under the Constitution of Australia, ceded certain legislative and judicial powers to the Commonwealth, but retained complete independence in all other areas...
. The board of directors comprised representatives of the electricity industry and independent members.
VPX was wound up in 1998 with establishment of NEMMCO
NEMMCO
The National Electricity Market Management Company Limited was the Wholesale Market and Power System Operator for the Australian National Electricity Market...
and the commencement of the National Electricity Market
National Electricity Market
The National Electricity Market is the name of the Australian wholesale electricity market and the associated synchronous electricity transmission grid....
. Its transmission planning function was transferred to VENCorp
VENCorp
VENCorp was responsible for the efficient operation of gas and electricity industries in Victoria, Australia. VENCorp, which was established in December 1997, was a Victorian State Government-owned entity within Victoria's privatised energy industries...
.