Spot market settlement on real-time pricing

The Authority, alongside the system operator and NZX, are hosting online engagement sessions covering the market changes being delivered by the real time pricing (RTP) project.

Previous engagement sessions

On 12 October, the system operator hosted a pre-release information session ahead of the 18 October RTP software deployment

'Dispatch notification participation' was held on Wednesday 8 December 2021. The webinar recording is below.

Dispatch notification participation

'Dispatchable Demand enhancements' was held on Tuesday 12 October 2021. The webinar recording is below.

Dispatchable Demand enhancements

'What will I see on WITS?' was held on Tuesday 10 August 2021. The webinar recording is below.

What will I see on WITS?

'Scarcity pricing implementation' was held on Wednesday 9 June 2021. The webinar recording is below.

Scarcity pricing implementation

'Scarcity pricing principles' was held on Wednesday 5 May 2021. The webinar recording is below.

Scarcity pricing principles

'How does the power system affect wholesale prices?' was held on Thursday 25 March 2021. The webinar recording is below.

How does the power system affect wholesale prices?

'What will pricing look like under RTP?' was held on Thursday 26 November 2020. The webinar recording is below.

What will pricing look like under RTP?

The first session ‘What is real-time pricing and why is it important?’ was held on Tuesday 20 October 2020. We have published the webinar below. 

What is real-time pricing and why is it important?

We have been considering three real-time pricing design elements and have now published a Consultation paper for your consideration - with submissions due by 5pm on the 30 April 2019.

The briefing held in Wellington on 29 March 2019:

• provided an update on the project - including a recap on the work completed thus far and what is going to happen next
• presented details of our proposals for the remaining RTP design elements: 
• 'dispatch-lite' (a form of dispatchable demand for smaller purchasers), now expanded to include distributed generation
• a process for reviewing the dollar amounts assigned to the default scarcity pricing values
• the pricing that should apply during shortfalls in instantaneous reserve.

The final session focused on scenarios involving shortfalls in instantaneous reserve, and described how we anticipate the market will operate under RTP.

We have also published supporting technical material on the 'risk-violation curve' design element, as a zip archived file. This material includes full modelling results, summary charts, and further technical explanations.

In August 2017, the Authority consulted on a proposal to implement a ‘look-ahead’, dispatch-based pricing approach for the wholesale spot market under our real-time pricing (RTP) project. As a part of this consultation, the Authority and the system operator held public briefings in Auckland and Wellington.

Subsequently we also provided written answers to technical questions, including worked examples. These questions and answers and worked examples were published in September 2017.

The Authority and the system operator have further investigated some aspects of the RTP proposal in response to matters raised in submissions. The Authority and the system operator jointly host a RTP public briefing to inform stakeholders of the progress of this work, and provide an update on the project.

The public briefing was held on Tuesday, 8 May 2018 at the Intercontinental Hotel Wellington.

The briefing was also webcast and video recorded. The presentation slides and videos are published on this page.

On 1 August 2017, the Authority commenced a consultation on the details of our proposed approach to real-time pricing. The Authority and the system operator held public briefing sessions in Auckland and Wellington for interested parties. The briefings presented the consultation paper and provided the opportunity for stakeholders to ask questions in advance of finalising their written submissions, which are due on Tuesday 26 September 2017.

We encouraged all interested parties to participate in the briefings, either by attending a briefing, or via the interactive webcast. Webcast participants only required a web browser, and were able to ask questions via a messaging window.

The location and time of these briefings were:

Auckland

10:00am - 3:00pm, Tuesday, 22 August 2017

Wellington

10:00am - 3:00pm, Thursday, 24 August 2017