This amendment to the Electricity Industry Participation Code 2010 (Code) comes into force on 31 July 2026, except for clauses 10–11 which come into force on 1 March 2027.

The amendment amends Parts 1 and 13 of the Code to update the regulated market making arrangements in the hedge market to:

a. introduce market making requirements on participants subject to Subpart 5B of Part 13 for super-peak electricity contracts, with a total offer volume requirement of 6 MW per contract at a 5% bid-ask spread (or NZ$2, whichever is greater);

b. extend market making requirements for quarterly base load contracts from 3 years to 5 years ahead;

c. reduce the total offer volume from 12 MW to 8 MW for quarterly base load contracts for year 3, and apply this volume to years 4 and 5 ahead; and

d. clarify the operation of exemptions to the market making obligations and make other minor, technical improvements to the market making provisions.