✨ Electricity Agreement Clauses
4368 NEW ZEALAND GAZETTE, No. 177 22 DECEMBER 2010
term is defined in the Code) and an invoice issued under the Code (and not delayed) showed that that party owed an amount to the other party in respect of electricity purchased by it in that Calculation Period.
"Specified Price" means the final price (as defined in the Code).
"Units" means megawatt hours.
The definitions of "Commodity", "Exchange", "Specified Price" and "Units" set out above are for the purposes, among others, of determining a Commodity Reference Price under section 7.2(c)(v)(A) in Sub-Annex A of the Annex in the 2005 Definitions.
(2) Formation of a contract: Without limiting Section 9(e) of this Agreement, a binding Transaction may be entered into by:
(a) an authorised signatory of each party signing a confirmation in one of the forms annexed to this Schedule, or in the case of a VAS Transaction (as defined in Section 4 of Part 5 of this Schedule) the Head Agreement, or in such other form as is agreed between the parties ("Form of Confirmation"); or
(b) an authorised signatory of each party agreeing all of the terms of the Transaction over the telephone or in person (at which time the Transaction will be binding), provided always that the parties shall then, as soon as practicable, execute a Form of Confirmation to evidence the Transaction,
and provided always that a Transaction will not automatically be held or considered to be non-binding by reason of the fact that the provisions of this clause have not been complied with.
(3) Additional provisions relating to swaps: If the relevant Form of Confirmation is for an electricity swap, the following provisions shall apply:
(a) A Fixed Amount shall be calculated in accordance with the formula set out in Article 5 of the 2005 Definitions in respect of each Calculation Period in each Month and the aggregate of such Fixed Amounts shall be paid by the Fixed Price Payer to the Floating Price Payer on the Settlement Date for that Month.
(b) A Floating Amount shall be calculated in accordance with the formula set out in Article 6 of the 2005 Definitions in respect of each Calculation Period in each Month and the aggregate of such Floating Amounts shall be paid by the Floating Price Payer to the Fixed Price Payer on the Settlement Date for that Month.
(c) No amounts shall be payable by the parties pursuant to Article 5 and Article 6 of the 2005 Definitions other than as set out in paragraphs (a) and (b) above.
(d) Article 9 of the 2005 Definitions does not apply. In calculating the Fixed Amount and the Floating Amount, each such amount shall be calculated in New Zealand Dollars and rounded to two decimal places in each Calculation Period.
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NZ Gazette 2010, No 177
✨ LLM interpretation of page content
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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