Electricity Industry Participation Code Amendment (Settlement and Prudential Security) 2014

This amendment to the Electricity Industry Participation Code 2010 (Code) comes into force on 24 March 2015, except for clause 3, which comes into force on 6 November 2014.

The amendment makes a number of corrections, clarifications and improvements to the Code as amended by the Electricity Industry Participation (Settlement and Prudential Security) Code Amendment 2013, including:

(a) provisions to address what actions participants may take to prepare for the new Part 14 and 14A coming into effect, and how certain types of defaults must be managed in the transitional period:

(b) changes to the settlement provisions, such as standardising the measurement units used in hedge settlement agreements, and the correction of definitions in three formulae:

(c) changes to the prudential security provisions, such as to the quarterly "adder" used to determine a participant's exit period prudential requirement, and changes to clarify how prepayments and wash-ups should be treated when calculating minimum security:

(d) changes to preserve the effect of amendments made to the Electricity Industry Participation Code 2010 ("Code") since the Electricity Industry Participation (Settlement and Prudential Security) Code Amendment 2013 was made.