The IMO is responsible for administering and operating the WEM and, accordingly, it is responsible for maintaining and developing the rules and the market related procedures that govern the operation of WEM.
These rules are known as the Wholesale Electricity Market Rules.
Other entities that play a role in the governance of the WEM are:
The Minister for Energy, who established the initial Market Rules and who appoints the Board of the IMO. The Minister approves rule changes to protected provision in the Rules.
The Economic Regulation Authority, which performs regulatory and market surveillance roles and approves the IMO budgets, and
The Electricity Review Board which acts as an adjudicator for appeals.
The Market Advisory Committee (MAC), made up of representatives from the WEM, advises the IMO on rule changes, procedure changes and general electricity market operation matters.