This note is not part of the amendment but is intended to indicate its general effect.

This amendment to the Electricity Industry Participation Code 2010 comes into force on 1 October 2023.

The amendment amends the Code to insert as a new Schedule 12.6, a default transmission agreement template which all transmission agreements (other than those referred to in clause 12.49(1) of the Code) entered into between designated transmission customers and Transpower must be consistent with. The default transmission agreement template replaces the benchmark agreement (a document incorporated by reference in the Code) which is revoked.

The amendment also deems changes that have been made to the default transmission agreement template when compared to the benchmark agreement to be made to existing transmission agreements.

These changes are to provide for the recovery by Transpower of the costs of allocating and paying settlement residue to its customers, and to provide consistency with the transmission pricing methodology that came into force on 1 April 2023 and other law changes that occurred since the benchmark agreement was incorporated by reference in the Code.