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 September 2022.

The amendment amends Part 1 and Part 13 of the Code to update regulated market-making requirements for the trading of financial hedge contracts for electricity. The amendments to Part 1 of the Code include the amendment of the definition of "NZ electricity future", and the insertion of a number of new defined terms for the purposes of subpart 5B of Part 13 only. Part 13 is amended by the replacement of clause 13.236L (Requirement to quote) to introduce a voluntary volume refresh mechanism and alter the total maximum volume required of each regulated market-maker for every NZEF market-making period (to 2.4 MW from the current 3.0 MW). Clause 13.236N (Exemptions from requirement to quote) of Part 13 is also amended. These amendments are intended to align the regulated market-making requirements for the trading of financial hedge contracts for electricity with the introduction of commercial market making.