Regulatory change affecting traders of electricity contracts on the ASX
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The Authority is gathering more and better-quality data on risk management contracts as part of its ongoing work to make improvements to the wholesale electricity market.
Today the Authority has published a decision paper following a consultation process in June and July 2020.
The Authority’s decision is to change the Code to require participants trading electricity contracts on the ASX to give permission for their de-anonymised trading data to be shared by the ASX with the Authority.
Many participants have agreed to this arrangement on a time limited basis already. The Code change will make this an ongoing requirement from 29 October 2020.
If you trade electricity contracts on the ASX you need to:
- sign a consent form to share your data with the Authority, and return it to the ASX and the Authority
- ensure you have appropriate arrangements in place with your broker and other market intermediaries including providing your account identifier to the ASX.
The decision paper and consent form are available on the Authority’s website. The consent form should be returned by 20 October.
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Stress test scenarios unchanged for the October-December quarter of 2020
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The stress test scenarios previously published on the Authority's website will apply for the October-December quarter of 2020. There is no change from the previous quarter.
The stress-testing regime requires certain participants in the wholesale electricity market to apply a set of standard stress tests to their market position, and report the results to their Board and to the NZX as the independent registrar appointed by the Authority.
Questions about the stress tests can be directed to marketoperations@ea.govt.nz. Please include 'stress test' in the subject line.
For further information please see our website. Stress test results are here.
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Reminder: Participant registration and information update
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The Authority reminds participants that it is their responsibility to register with the Authority as a participant, and ensure the information they provide for registration is up to date.
Please check that all information is up-to-date including contact names and details that may have changed.
All changes and updates to the participants register may be directed in the first instance to compliance@ea.govt.nz.
The participant register is available on the Authority website.
Failure to register or to update information is an offence under section 31 of the Electricity Industry Act 2010.
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Reminder: Entries are open for the New Zealand Energy Awards
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We are encouraging organisations with good energy stories to celebrate their success by entering the New Zealand Energy Awards.
The Authority is a proud sponsor of the Outcomes Award at the 2021 NZ Energy Awards. This award celebrates better energy outcomes for all New Zealanders.
Tell your story about how you deliver accessible and inclusive energy products, services and solutions. Whether you use clever business models, smart competition, education or encourage uptake of low-cost emerging technology, the emphasis is on outcomes for consumers.
Details on how to enter and other award categories are on the Energy Awards website.
Entries are open until 14 October 2020.
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Reminder: Removing requirement for FTR manager to calculate the amount of LCE to be applied to FTRs
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Each month the loss and constraint excess (LCE) is split between the settlement of the FTR market and transmission customers. This split is determined using Schedule 14.3 of the Electricity Industry Participation Code 2010 (Code) and is based on the portion of the transmission grid over which FTRs can be traded. Any LCE not used to settle FTRs is also returned to transmission customers. Since shifting to an eight hub FTR market in June 2018, on average 90% of the LCE is available for settlement of FTRs. The amount of LCE required to settle the FTR market is almost always less than the LCE made available.
The Authority is proposing to revoke Schedule 14.3 of the Code and make consequential amendments to clause 14.16 and 14.20 of the Code so that all LCE is available for the settlement of the FTR market .
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Removing requirement for FTR manager to calculate the amount of LCE to be applied to FTRs
Ending: 29/09/2020 at 5pm
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Level 7, Harbour Tower, 2 Hunter Street, PO Box 10041, Wellington 6143, New Zealand
Tel: + 64 4 460 8860 Email: communications@ea.govt.nz
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