✨ Electricity Transaction Definitions
4370 NEW ZEALAND GAZETTE, No. 177 22 DECEMBER 2010
(b)
once the Floating Price for the relevant Calculation Period is available, the Calculation Agent shall calculate the actual amount payable by the relevant party for that Calculation Period ("Actual Amount") and, if the Actual Amount is different from the Provisional Amount, the Calculation Agent shall advise the other party of the extent of that difference and the identity of the party required to pay that difference to the other. The party obliged to make the payment shall then pay that amount within 5 Business Days of such notification, together with interest at the Non-default Rate, calculated from (and including) the relevant Settlement Date for the relevant Transaction to (but excluding) the date of actual payment,
provided that, if, in relation to any Calculation Period, the Grid Reference Point is Disconnected (as defined in the Code) so that the software used to determine the Floating Price for that Calculation Period substitutes an arbitrary (non-cost related) model variable for the Floating Price, the Floating Price for that Calculation Period shall instead be the Floating Price determined for the unaffected Grid Exit Point (as defined in the Code) nearest to the Grid Reference Point as reasonably determined by the Calculation Agent.
(7)
(8)
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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, Actual Amount, Provisional Amount, Calculation Agent, Disconnection, Non-default Rate