The Electricity Authority’s Board has completed its investigation of Electric Kiwi’s allegation that an undesirable trading situation (UTS) occurred on 2 June 2016 in relation to trading periods 35 – 40, when electricity prices briefly spiked to over $4,000 per megawatt hour (MWh).
Participants have made us aware that receiving the UTS decision as early as possible would provide the market with useful information about the Authority’s approach to the event. We have completed our internal processes and brought forward the release of this decision from the date we previously advised.
The Authority Board has concluded the event does not constitute a UTS and instead requested a market performance review. The review will look at trading on 2 June, as well as other similar events, and how the wholesale electricity market performed in regard to those events.
A copy of the claim and a media statement about our decision is available on our website. A decision paper will follow in due course.
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