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27 September 2022
Welcome to Market Brief, the Electricity Authority’s weekly update on regulatory and market developments.

Contents

Decision: Final elements of real-time pricing Code amendment

As previously communicated and consulted on, the Authority is amending the Code to reflect the changes needed to implement real-time pricing (RTP). Currently, the spot prices published in real-time are only indicative. The final spot prices, used to settle the wholesale electricity market, are not available until at least two days after real-time.
 
Significant differences can sometimes arise between indicative and final spot prices, and neither may fully reflect prevailing real-time conditions. These factors increase the likelihood that consumers and participants will make inefficient decisions. 

The implementation of RTP will make spot price signals more actionable and resource efficient for all decision-makers. The RTP Code changes will apply to all trading periods from trading period 1 on 1 November 2022 in both dispatch and forecast schedules.
 
Read more

Update on wholesale market competition review
The Authority will release the next phase of the Wholesale Market Competition Review on 12 October 2022.

The Authority apologises for the delay in releasing the next phase of the review that had originally been scheduled for the middle of the year. Background information on the Wholesale Market Competition Review can be found on our website. 

Retailer Financial Stress: notice published
The Authority has published the Retailer Financial Stress notice, under Part 2 of the Electrity Industry Participation Code (2010) relating to the Regular and event-driven provision of information to the Authority. The notice can be viewed here on our website. This notice applies from 1 October 2022. Participants must submit this information via the Authority’s Information Provision Platform. Participants will be contacted on how to use this platform. If you have queries, please contact info.provision@ea.govt.nz.  

This notice will supersede the current mechanism for the collection of information on retailer financial stress, being the data request under section 46 of the Electricity Industry Act 2010 (the Act) that expires on 30 September 2022. 
 
For the avoidance of doubt, section 46 requires September data to be submitted in October and the Retailer Financial Stress notice requires data for October to be submitted in November, and monthly thereafter.

2022 Requests under the Official Information Act 1982 (OIA)
As part of the Electricity Authority’s commitment to transparency the Authority is endeavouring to publish all its responses to requests under the Official Information Act (OIA) after the Authority has sent the response to the requestor. The Authority’s response details the information being released and explains what information, if any, has been withheld and under which grounds of the OIA. Check out what has been requested and released so far in 2022.
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Market Insights: Electricity price volatility
In our new Market Insights article, learn about spot price volatility in September and why increased price volatility is expected as the grid becomes more renewable.
Read more

Current consultations

Settlement Residual Allocation Methodology (SRAM) Consultation 

Closing 5pm 27 September 2022

Read more

Consultation on ACOT payments to distributed generation

Closing 5pm 20 October 2022

 
Read more

Inefficient Price Discrimination in very large electricity contracts

Closing 5pm 31 October 2022

Read more
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