✨ Electricity Transactions Definitions
ELECTRICITY TRANSACTIONS
(1) Definitions: For the purposes of each Confirmation and each Transaction:
"Averaging Period" means, in respect of an Asian style option, the period specified as such in the Confirmation for that option.
"Calculation Period" means, for a Transaction, a half hour (being a period of 30 consecutive minutes commencing on the hour or at 30 minutes past the hour) during the Term of that Transaction.
"Code" means the Electricity Industry Participation Code 2010 administered by the Electricity Authority as brought into force under section 36 of the Electricity Industry Act 2010, as amended or substituted from time to time.
"Commodity" means electricity.
"Exchange" means the wholesale market for electricity established and operated in accordance with the Code or any successor to it.
"Fixed Price" means, in respect of a Calculation Period, the fixed price per Unit specified in the relevant Confirmation for that Calculation Period.
"Floating Price" means:
(a) in respect of an Asian style option and a Calculation Period, the unweighted arithmetic mean (or such other method of averaging as is specified) in the relevant Confirmation of the Specified Price per Unit for each Calculation Period during the relevant Averaging Period by reference to the Grid Reference Point; and
(b) in any other case, in respect of a Calculation Period, the Specified Price per Unit for that Calculation Period by reference to the Grid Reference Point.
"Grid Reference Point" means, in respect of a Transaction, the Grid Reference Point specified in the Confirmation for that Transaction.
"Month" means, in relation to a Transaction, each calendar month that includes one or more days of the Term of that Transaction.
"Notional Quantity" means, in respect of a Calculation Period, the Units specified in the relevant Confirmation for that Calculation Period.
"Price Source" means the information system (as defined in the Code).
"Pricing Date":
(a) in the context of an electricity swap Transaction, means each Calculation Period during the Term of that Transaction; and
(b) in the context of an electricity option Transaction, has the meaning set out in Section 6.2(b) of the 2005 Definitions.
"Settlement Date" means, for each Calculation Period that occurs in a billing period (as that term is defined in the Code), the day upon which the party that is obliged to pay a Floating Amount or Cash Settlement Amount for that Calculation Period would be obliged to make a payment under clause 14.37 of the Code if it were a payer (as that
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NZ Gazette 2010, No 177
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Agreement Clauses and Definitions
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🏭 Trade, Customs & IndustryElectricity, Transactions, Definitions, Confirmation, Averaging Period, Calculation Period, Code, Commodity, Exchange, Fixed Price, Floating Price, Grid Reference Point, Month, Notional Quantity, Price Source, Pricing Date, Settlement Date