Notice of default in settlement relating to the 2019 UTS
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The Electricity Authority has instructed the clearing manager to provide details of a default arising from the resettlement of the actions to correct the December 2019 Undesirable Trading Situation (UTS).
As required under clause 14.53 (2) of the Electricity Industry Participation Code (Code) the Authority is required to publish:
- the nature of the event of default (which resulting in the scaling of payments under the resettlement) is a settlement default (as defined under clause 14.41 of the Code)
- the extent of the default is $44,479.56
- the defaulting participant is Future Energy New Zealand Limited (Club).
The clearing manager has already issued revised statements to affected participants as required under Part 14 of the Code.
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