Submissions on the final elements of real-time pricing Code amendment consultation paper
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The Authority has published the submissions it has received on the Code amendment consultation paper: Final elements of real-time pricing.
The consultation paper sought feedback on the Authority’s proposal to amend the Code for the final elements of real-time pricing (RTP). This consultation followed the:
- Real-time pricing proposal consultation in August 2017,
- Proposal for the design of the remaining elements of real-time pricing consultation in March 2019, and a decision paper,
- Implementing spot market settlement on real-time pricing in June 2019.
Submissions closed on 19 July and the Authority would like to thank stakeholders who provided a submission. We received 3 submissions which are published on our website.
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Market Commentary – Exchange traded electricity futures margins update
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Whenever a futures contract is traded, an end-user will be required to post an initial margin with their Clearing Participant, who pay margins to ASX Clear (Futures) (the clearing house). A margin is held by the clearing house to cover the risk to the exchange if a Clearing Participant was to default. As well as initial margins, additional margin may be required to cover for changes in the market value of the contract. These additional margins are known as variation margin.
New Zealand electricity futures can be traded on the ASX platform with margins calculated by ASX Clear (Futures) and collected from each Clearing Participant. To access the ASX platform, end-users may need to use a Trading Participant, who has access to a Clearing Participant. A Clearing Participant may impose different margin requirements to ASX Clear (Futures).
Have a read of our latest Market Insights article for a deep-dive into the latest update on Electricity Futures margins.
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Stress test scenarios unchanged for the October–December quarter of 2022
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The stress test scenarios previously published on the Authority's website will apply for the October - December quarter of 2022. 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 NZX as the independent registrar appointed by the Authority.
The Authority reminds participants of the importance of ensuring their Board considers and accepts the participant's risk position with emerging risks presented by the continued La Niña weather pattern, and likely 'triple dip' La Niña (three consecutive La Niña events from 2020-2022) being forecast by NIWA.
Questions about the stress tests can be directed to info@ea.govt.nz. Please include 'stress test' in the subject line.
Further information
Previously published stress test scenarios
Stress test results
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Electricity Authority Senior Leadership Team – recent appointments
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We have appointed two new members of our Senior Leadership Team: Tim Sparks, Director, Network Pricing: Tim leads the Authority's Networking Pricing Directorate, responsible for improving price signals for the distribution and transmission segments of the electricity 'supply chain'.
Previously, Tim held roles at Chorus and Optus and provided technical advice to the Authority during the development of the Transmission Pricing Methodology.
Louise Yarrall, Director, Communications and Engagement (Acting): Louise is an experienced manager and communications advisor in the public and private sectors, with experience working in NZ and the UK.
In terms of the public sector, Louise most recently worked at the Department of Internal Affairs in communication leadership for three years.
Louise brings a depth of experience in advising executive teams, Boards and Ministers on communication and engagement approaches.
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Retailer Financial Stress data request
Closing 5pm 23 August
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RTP changes to the system operator's Policy Statement
Closing 5pm 30 August
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Level 7, AON Centre, 1 Willis Street, PO Box 10041, Wellington 6143, New Zealand
Tel: + 64 4 460 8860 Email: communications@ea.govt.nz
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