The Wholesale Electricity Market (WEM) is governed by the Electricity System and Market Rules (ESM Rules).
These ESM Rules detail the roles and functions of the Australian Energy Market Operator (AEMO) and other governance bodies, and guide the operation of the market including the trading and dispatch of energy, the Reserve Capacity Mechanism and settlement.
For information on proposing a rule change, visit the webpage: Rule Change Process.
On 6 February 2025, stage one of the Electricity Industry Amendment (Distributed Energy Resources) Act 2024 (DER Act) came into effect. Among other things, the DER Act renamed the Wholesale Electricity Market Rules to the Electricity System and Market Rules, and expanded their scope to include a broader range of content related to the operation of the power system. Read more about this at Wholesale Electricity Market Rules renamed Electricity System and Market Rules.
The current ESM Rules and any Amending Rules that have been Gazetted and are awaiting commencement are provided below. For previous versions of the ESM Rules, visit the webpage: Historical versions of the ESM Rules.
Current Electricity System and Market Rules
Amending Rules Gazetted and Awaiting Commencement
The sections below detail Amending Rules that have been Gazetted, but commence in the future.
Despite the Wholesale Electricity Market Rules being renamed the Electricity System and Market Rules (ESM Rules), Amending Rules published prior to 3 June 2025 will still refer to the Wholesale Electricity Market Rules.
Please note that unofficial ‘companion’ versions of the ESM Rules have been developed which incorporate Amending Rules that are made and have confirmed commencement dates in the future. The companion versions are available at: Unofficial Companion Versions – Electricity Systems and Market Rules
Electricity System and Market Amendment (Tranche 8) Rules 2025
The Amending Rules set out in Schedule 3 commence immediately after the commencement of the Amending Rules in Schedule 2 of the Wholesale Electricity Market Amendment (RCM Reviews Sequencing) Rules 2025, that commence at 8:00 AM (WST) on 1 January 2026.
The Amending Rules set out in Schedule 4 commence immediately after the commencement of the Amending Rules in Schedule 3 of the Wholesale Electricity Market Amendment (RCM Reviews Sequencing) Rules 2025, that commence at 8:00 AM (WST) on 1 October 2026.
The Amending Rules set out in Schedule 5 commence immediately after the commencement of the amending rules Amending Rules in Schedule 4 of the Wholesale Electricity Market Amendment (RCM Reviews Sequencing) Rules 2025, that commence at 8:00 AM (WST) on 1 October 2027.
The Amending Rules set out in Schedule 6 commence immediately after the commencement of the Amending Rules in Schedule 5 of the Wholesale Electricity Market Amendment (RCM Reviews Sequencing) Rules 2025.
The Amending Rules set out in Schedule 7 commence at 8:00 AM (WST) on 26 February 2026.
The Amending Rules set out in Schedule 8 commence immediately after the commencement of the Amending Rules in Schedule 2 of the Wholesale Electricity Market Amendment (Supplementary Capacity No. 3) Rules 2024, that commence at 8:00 AM (WST) on 1 October 2026.
The Amending Rules set out in Schedule 9 commence at a time specified by the Minister in a notice published in the Gazette. Different days may be specified for different provisions.
The Amending Rules set out in Schedule 4 come into operation at a time specified by the Minister in a notice published in the Gazette.
Wholesale Electricity Market Amendment (RCM Reviews Sequencing) Rules 2025
The Amending Rules set out in Schedule 2 come into operation at 8:00 AM (WST) on 1 January 2026.
The Amending Rules set out in Schedule 3 come into operation at 8:00 AM (WST) on 1 October 2026
The Amending Rules set out in Schedule 4 come into operation at 8:00 AM (WST) on 1 October 2027
The Amending Rules set out in Schedules 5, 6 and 7 come into operation at a time specified by the Minister in a notice published in the Gazette.
Wholesale Electricity Market Amendment (Miscellaneous Amendments No 3) Rules 2024
The Amending Rules set out in Schedule 4 commence at 8:00 AM (WST) on 26 February 2026.
Wholesale Electricity Market Amendment (Supplementary Capacity No. 3) Rules 2024
The Amending Rules set out in Schedule 2 commence immediately after the commencement of the Amending Rules in Schedule 3 of the Wholesale Electricity Market Amendment (RCM Reviews Sequencing) Rules 2025, that commence at 8:00 AM (WST) on 1 October 2026.
Wholesale Electricity Market Amendment (Cost Allocation Reform) Rules 2024
The Amending Rules set out in Schedule 3 commence at a time specified by the Minister in a notice published in the Gazette. Different days may be specified for different provisions.
Wholesale Electricity Market Amendment (Reserve Capacity Reform) Rules 2023
The Amending Rules set out in Schedules 2, 3 and 4 come into operation at a time specified by the Minister in a notice published in the Gazette. Different days may be specified for different provisions.
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