Decision on TPM-related Code amendments
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Following consultation on Code amendments to support effective implementation of the new TPM, the Electricity Authority has decided to adopt three Code changes.
The amendments are to:
- enable Transpower to access additional information about generating plant to more accurately calculate the residual charge
- ensure information held by Transpower in its system operator role is able to be used to calculate transmission charges, and
- clarify that amendments can be made to the TPM which meet the criteria in section 39(3) or 40 of the Act without needing to meet the process requirements for reviewing the TPM.
After carefully considering all submissions on the proposed Code amendments, the Authority considers the final Code amendments will deliver long-term benefits to consumers by promoting the efficiency limb of our statutory objective.
The TPM-related Code amendments, the decision paper and stakeholders’ submissions are available on our website.
Thank you to everyone who provided a submission.
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High Court rules on TPM Appeal
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Manawa Energy Limited (formerly Trustpower Limited) applied for judicial review (JR) of the Authority’s 2020 TPM guidelines decision in July 2020. Other parties actively involved in the JR were Fonterra and Nova (on the applicant's side), Meridian (in defence of the decision), and Transpower (a neutral intervener). The High Court hearing of the JR application ran from 18-27 October 2021.
The High Court has decided the application for judicial review is dismissed.
The Authority is still working its way through the decision. The decision will be released on the Courts of NZ website - Judgments of Public Interest page at 6.35pm Tuesday 21 June 2022.
Transpower can now continue to implement the new TPM with confidence, and our wider industry stakeholders can work towards new TPM charges being in place from 1 April 2023.
Certainty and stability in transmission pricing is critical to support our electricity system’s transition to low-emissions energy. The new TPM delivers significant benefits to consumers, through lower electricity prices at peak times, and supports New Zealand’s transition to a low carbon economy at the least cost.
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Reminder: Hedge declaration certificates due 30 June 2022
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Every participant who submitted hedge information in the previous year
(1 April 2021 – 31 March 2022) must submit a declaration certificate to the Authority by Thursday 30 June 2022.
The requirements for these certificates are contained in clause 13.230 of the Code.
Please submit the declaration certificate using the Hedge Disclosure Declaration form to compliance@ea.govt.nz.
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Annual levy rates for the year ending 30 June 2023
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The annual levy rates have been calculated for the financial year ending 30 June 2023, in accordance with regulation 7 of the Electricity Industry (Levy of Industry Participants) Regulations 2010. The annual levy rates were published in the gazette on Wednesday 15 June 2022 and are available on our website.
The increased annual appropriation from Cabinet is reflected through the market operations rates. As explained during the consultation with levy payers, in June 2021, this additional funding will support the implementation of commercial market-making in the wholesale electricity market. Commercial market-making enables the Authority to strengthen and support the operation of the hedge market, enhance efficiency and improve trust and confidence in forward prices of electricity in the wholesale market.
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2021/22 and 2022/23 levy-funded appropriations consultation – request to Minister and submissions published
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Thank you to everyone who made a submission on our ‘2021/22 and 2022/23 levy-funded appropriations’ consultation. The consultation submissions have now been published.
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Consultation on status of existing PDAs and NEC under the new TPM
Ends 5pm, 22 June 2022
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FTR market observations
Ends 5pm, 4 July 2022
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RTP Final Elements: Code amendment
Ends 5pm, 19 July 2022
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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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