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23 March 2021

Welcome to Market Brief, the Electricity Authority’s weekly update on regulatory and market developments.

Authority acts to ensure information disclosure settings are appropriate
Closure of investigation
Metservice Weather Training Webinar for the Energy Sector
Current consultations

Authority acts to ensure information disclosure settings are appropriate

The Authority has urgently amended the definition of ‘disclosure information’ in the Code.

The previous definition of disclosure information in the Code was:

disclosure information, in relation to a participant, means information that—
(a) is about the participant; and
(b) is held by the participant; and
(c) the participant expects, or ought reasonably to expect, if made available to the public, will have a material impact on prices in the wholesale market

The Code amendment changes paragraph (c) of the definition of disclosure information to read ‘likely to have a material impact on prices’ instead of ‘will have a material impact on prices’.

The Authority amended the Code because of a recent Rulings Panel decision which interpreted the previous definition of disclosure information as requiring a high level of certainty that information will have a material impact on prices before information must be disclosed.

This is materially different to the policy intent (and how it is interpreted in practice) behind the disclosure regime - that information should be treated as disclosure information where there is at least a reasonable possibility that the information would have a material impact on prices.

This amendment is being made under urgency because if left to stand, materially less information could be disclosed to the market. This is particularly important in the context of an evolving dry year risk in 2021.

The updated guidelines are available on the website.

The urgent Code amendment comes into force on 6 April 2021. It will expire nine months later as required by the Act. Later this year, the Authority will issue a consultation document for a permanent Code amendment as per section 39 of the Act.

Closure of investigation

We have discontinued an investigation into self-reported and alleged breaches by Genesis Energy Limited concerning the duplication of ASX trade disclosures in the Authority’s hedge disclosure system.

No parties joined the investigation and Genesis has implemented checks and controls to prevent recurrence.

Notice of our decision and reasons is on our website.

Metservice Weather Training Webinar for the Energy Sector

“What Drives Our Weather?" is a two-part training webinar that will provide attendees an insight into the reasons for weather variability, how it can be predicted, and how people working in the energy sector can be better informed of weather events that are likely to impact on their operations, assets and planning.

Date: 6 April and 8 April, 9.30am to 12.30pm

Cost: $175.00 + GST per person

You can find out more, register and view the full programme here

Current consultations

Proposal to replace the high standard of trading conduct provisions with a new rule

Ending today at 5pm

Draft determination of the causer of the 30 October 2020 under-frequency event

Ending: 13/04/2021 5pm

Proposed Actions to Correct: UTS 2019

Ending: 27/04/2021 5pm

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Tel: + 64 4 460 8860 Email: communications@ea.govt.nz

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