Victorian Power Exchange
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The Victorian Power Exchange (VPX) was established in 1995 by the
Victoria State Government The Victoria State Government, also referred to as the Victorian Government, is the executive government of the Australian state of Victoria. As a parliamentary constitutional monarchy, the State Government was first formed in 1851 when Vic ...
as part of a restructuring of the
State Electricity Commission of Victoria The State Electricity Commission of Victoria (SEC, SECV or ECV) is a government-owned electricity company in Victoria, Australia. Originally established to generate electricity from the state's reserves of brown coal, the SEC gradually monopoli ...
(SECV) and the establishment of a competitive electricity market.


Overview

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 The National Electricity Market (NEM) is an arrangement in Australia's electricity sector for the connection of the electricity transmission grids of the eastern and southern Australia states and territories to create a cross-state wholesale ele ...
. VPX was a
not-for-profit A not-for-profit or non-for-profit organization (NFPO) is a Legal Entity, legal entity that does not distribute surplus funds to its members and is formed to fulfill specific objectives. While not-for-profit organizations and Nonprofit organ ...
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 the establishment of NEMMCO and the commencement of the National Electricity Market. VPX's transmission planning function was transferred to
VENCorp The Victorian Energy Networks Corporation (VENCorp) was a Victorian State Government-owned entity established on 11 December 1997 responsible for the efficient operation of Natural gas, gas and electricity industries in Victoria (Australia), Vic ...
, which had been established in December 1997.


References

Organisations based in Victoria (state) Energy in Victoria (state) {{Australia-gov-stub