New Zealand Gazette – 2006 – No. 123

Page 3619

✨ Electricity Commission Policy Objectives

30 OCTOBER 2006 NEW ZEALAND GAZETTE, No. 123 3619

System operation and wholesale and related markets

75 The Electricity Commission should take primary responsibility for achieving the Government’s policy objectives for electricity in relation to:

common quality and real time security
dispatch and pool rules
reconciliation and settlement
information disclosure to improve market efficiency, including:
- aggregate hedge and contract prices and volumes
- offers by generators
minimum prudential standards.

Hedge market transparency and liquidity

76 A transparent and liquid hedge market is a critical component of an efficient wholesale market. It enables market participants to manage their risks and facilitates retail competition. Concerns are regularly expressed that the current hedge market does not operate particularly well.

77 The Government has amended the Electricity Act 1992 to provide regulation-making powers to establish and promote hedge markets. As with other regulation-making powers, the Commission may only recommend regulations if it has first established that there are significant problems that are not resolvable through voluntary arrangements and co-operation. The regulation-making powers cover:

disclosure of information on hedge and contract volumes and prices
requiring generators to offer by tender a minimum volume of contracts that enable the price risks associated with the spot market to be managed, including the terms and conditions of those contracts (excluding prices and reserve prices)
requiring generators to post buy and sell prices for hedge (including futures) contracts; and
requiring buyers of electricity from the wholesale market to maintain minimum levels of hedge and contract cover with electricity generators.

Financial transmission rights

78 Under marginal cost nodal energy pricing, different locations experience different prices caused by transmission losses and constraints. The Electricity Commission should oversee the development of financial transmission rights (FTR) to enable market participants to manage risk in respect of transmission losses and constraints. A statement of policy concerning financial transmission rights is attached as Appendix One.

VUW Te Waharoa — NZ Gazette 2006, No 123

Gazette.govt.nz — NZ Gazette 2006, No 123

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✨ LLM interpretation of page content

🏛️ Security of Supply Objectives for the Electricity Commission (continued from previous page)

Domain🏛️ Governance & Central Administration
KeywordsElectricity, Security of Supply, Reserve Energy, Hydro Management, Dry Year Risks, Policy Development, Operational Standards, Minimum Hydro Zone, Conservation Campaign, Consultation Processes, Transparency, Stability, Market Interventions, Reserve Energy Contracts, Ripple Control, Hot Water Heating, Outage Coordination, Blackouts

🏛️ System Operation and Wholesale Market Responsibilities

Domain🏛️ Governance & Central Administration
KeywordsElectricity, System Operation, Wholesale Markets, Quality, Security, Dispatch, Pool Rules, Reconciliation, Settlement, Information Disclosure, Market Efficiency, Hedge Prices, Contract Volumes, Prudential Standards

🏛️ Hedge Market Transparency and Liquidity

Domain🏛️ Governance & Central Administration
KeywordsElectricity, Hedge Market, Transparency, Liquidity, Risk Management, Retail Competition, Regulation, Information Disclosure, Contract Volumes, Prices, Generators, Tender, Buy and Sell Prices, Minimum Hedge Cover

🏛️ Financial Transmission Rights

Domain🏛️ Governance & Central Administration
KeywordsElectricity, Financial Transmission Rights, Marginal Cost Nodal Energy Pricing, Transmission Losses, Transmission Constraints, Risk Management, Policy Statement

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