Operations
The SECV is a pivotal player in the electricity market
It is registered in the National Electricity Market where it purchases approximately 10% of Victoria’s electricity from the wholesale electricity market and sells this power to the aluminium smelter owners at Portland in Victoria.
The SECV manages a complex array of derivatives to manage its extensive financial exposure to the electricity pool price and to the price of aluminium on global markets. The SECV also purchases futures contracts on the Sydney Futures Exchange.
Major Purchaser of Power
As a major purchaser of power, the SECV provides Frequency Control Ancillary Services to the Australian Energy Market Operator (AEMO). These services require state of the art computer systems to assist AEMO to manage the power system safely, securely and reliably.
strong supporter of renewable energy
The SECV is a strong supporter of renewable energy which is demonstrated by the acquisition of large numbers of renewable energy certificates and also by its significant investment in the Snowy mountains Hydro-electric Scheme (Snowy). The SECV has invested $1.5 billion in Snowy which represents a 29% interest.
External functions
The SECV is responsible for and manages a number of quite different functions not related to its energy supply role with the Smelter. Some key roles include:
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IDGCC Licence
The SECV developed core technology described as the Integrated Drying Gasification Combined Cycle Process (‘IDGCC’). The technology has been licenced for a period of 50
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Energy Brix
Management of Energy Brix (in Administration) Custody Deed involving the remediation fund of $26 Million.
State Government
Organisation Structure
Managing the provisions of the Electricity Industry (Residual Provisions) Act 1994 and the Gas Industry (Residual Provisions) Act 1994.