Part 14A: Prudential requirements

14A.1

Purpose of prudential requirements

The purpose of this Part is to impose prudential requirements on each participant that has incurred or will incur financial obligations under this Code to ensure that the participant can meet those obligations.

14A.2

Participants to comply with prudential requirements

(1) Before incurring any financial obligations under this Code, a participant must comply with prudential requirements in this Part.
(2) A participant complies with prudential requirements in this Part in 1 of the following ways:
(a) by maintaining an acceptable credit rating under clause 14A.3:
(b) by providing acceptable security that complies with clause 14A.4.

14A.3

Acceptable credit rating

(1) For the purposes of this Part, a person has an acceptable credit rating if—
- (a) the person has a long-term credit rating no lower than—
  - (i) A3 (Moody's Investor Services Inc.); or
  - (ii) A‒ (Standard & Poor's Rating Group); or
  - (iii) B+ (AM Best); or
  - (iv) A‒ (Fitch Ratings); and
- (b) in the case of a person who has a credit rating at the minimum level required under paragraph (a), the person is not subject to negative credit watch (or any equivalent arrangement) by the agency that gave the credit rating.
(2) The clearing manager may require a participant whose compliance with prudential requirements in this Part depends on the credit rating of a person to provide evidence of the person's credit rating.
(3) The participant must provide the evidence required by the clearing manager.

14A.4

Acceptable security

(1) A participant provides acceptable security by—
- (a) providing an acceptable form of security in accordance with Part 1 of Schedule 14A.1; and
- (b) providing security for an amount that is no less than the amount required under clause 14A.6.
(2) A participant that provides acceptable security must do anything the Authority requires to ensure that the security is valid, enforceable, and effective.

14A.5

Clearing manager to determine estimate of minimum security

(1) At least once in every business day, the clearing manager must estimate the minimum amount for which security will be required to be provided by a participant under this Part on that business day and on each of the following 3 business days in accordance with Part 2 of Schedule 14A.1.
(2) The clearing manager must formulate and publish a methodology for estimating the amounts under subclause (1).
(3) The consultation and approval requirements set out in Schedule 14.2 apply to the methodology.

14A.6

Participant to provide minimum security required

(1) Each participant that is required to provide acceptable security under this Part on a business day must provide security for an amount that is the lowest of all of the estimates determined by the clearing manager for the participant for that business day.
(2) The participant must provide security for the amount required under subclause (1) no later than 1600 hours on the relevant business day.

14A.7

Participant may change form of security

The clearing manager must release a participant’s existing security when the participant provides a different form of security under this clause, if—
- (a) the participant gives the clearing manager notice of its intention to substitute a different form of security for any security provided by it to the clearing manager; and
- (b) no event of default is continuing in relation to the participant; and
- (c) the participant satisfies the clearing manager that—
  - (i) the proposed new form of security is an acceptable form of security under Part 1 of Schedule 14A.1; and
  - (ii) the security provided by the participant will continue to be for an amount that is no less than the amount required under clause 14A.6.

Clause 14A.7: amended, on 1 November 2018, by clause 107 of the Electricity Industry Participation Code Amendment (Code Review Programme) 2018.

14A.8

Reductions and releases

The clearing manager must reduce or release a participant’s existing security to the extent requested by the participant, if—
- (a) the participant gives the clearing manager notice that it seeks a partial or complete reduction or release of any security provided by it to the clearing manager; and
- (b) no event of default is continuing in relation to the participant; and
- (c) the participant satisfies the clearing manager that, following the reduction or release of the security, the participant will—
  - (i) continue to meet the requirements in clause 14A.4; or
  - (ii) meet the requirements in clause 14A.3.

14A.9

Release of security on ceasing to be participant

The clearing manager must release a participant’s existing security if the participant—
- (a) gives the clearing manager notice of it ceasing to be a participant; and
- (b) ceases to be a participant and the Authority advises the clearing manager that the person has ceased to be a participant; and
- (c) has paid all amounts that it owes under this Code (excluding any washup amount that has not yet been invoiced).

14A.10

Clearing manager to release security within 1 business day

(1) If a participant becomes entitled under clause 14A.7 or 14A.8 or 14A.9 or 14A.23 to a reduction or release of any security, the clearing manager must reduce or release that security within 1 business day of the participant becoming entitled to the reduction or release.
(2) If a cash deposit is to be reduced or refunded under subclause (1), the clearing manager must pay the amount of the reduction or refund to a bank account nominated by the participant for that purpose.

Cash deposits to be held on trust

14A.11

Cash deposit accounts

(1) The clearing manager must establish, in the clearing manager's name, 2 or more interest bearing cash deposit accounts.
(2) The cash deposit accounts must be—
- (a) held with more than 1 bank that each has and maintains an acceptable credit rating in accordance with clause 14A.3(1); and
- (b) clearly identified as such and be entirely separate from any other bank account of the clearing manager.
(3) The clearing manager must obtain acknowledgement from each bank with which it has a cash deposit account that—
- (a) the cash deposits are held on trust in the cash deposit accounts for participants (including the clearing manager) that become entitled to receive money from the clearing manager from time to time under clause 14A.13; and
- (b) the bank has no right of set-off or right of combination in relation to the cash deposits.

14A.12

Cash deposits to be paid into cash deposit accounts

(1) Every cash deposit received by the clearing manager must be paid by the clearing manager immediately into the cash deposit accounts.
(2) Each cash deposit must be held between cash deposit accounts in approximately equal amounts.
(3) If a cash deposit is debited under this Part, the clearing manager must ensure that approximately equal amounts of the cash deposit are debited from each cash deposit account.

14A.13

Cash deposits to be applied subject to conditions

The clearing manager must hold each cash deposit in the cash deposit accounts on trust to be applied, subject to this Code, only in accordance with the following:
- (a) following any event of default, the clearing manager must use such amount of the defaulting participant's cash deposit as is necessary or available in order to satisfy (to the extent possible) any amounts that may be due and owing by the defaulting participant to the clearing manager under this Code:
- (b) if no event of default is continuing in relation to the participant that provided the cash deposit, the participant is entitled to be paid the part of the cash deposit that has not been transferred under paragraph (a) in accordance with clause 14A.7 or 14A.8 or 14A.9 or 14A.23:
- (c) to satisfy an amount payable under clause 14.31 if the participant satisfies the clearing manager that, immediately following the application of the cash deposit, it will continue to comply with prudential requirements in this Part:
- (d) the participant is not entitled to receive back any part of its cash deposit, other than in accordance with this clause, even if the participant is in liquidation, receivership, or subject to statutory management or other analogous situation.

14A.14

Interest on cash deposits

(1) Subject to clauses 14A.13 and 14A.15, the clearing manager must credit to each participant on behalf of which the clearing manager holds a cash deposit all interest received by the clearing manager on the cash deposit, less any applicable deduction for tax purposes.
(2) Subject to subclause (3), if a participant does not wish the interest to accumulate in the cash deposit accounts, the clearing manager must, at the request of the participant, pay the interest (less any applicable deduction for tax purposes) within 2 business days of the end of the month to a bank account nominated by the participant for this purpose.
(3) Subclause (2) does not apply if an event of default has occurred in relation to the participant and is continuing.

14A.15

Fees and taxes payable by participants

(1) A participant is liable to reimburse the clearing manager for all bank fees in relation to its cash deposit and any taxes that may from time to time be imposed either on its cash deposit or on interest earned on such cash deposit.
(2) Such payments must be deducted by the clearing manager from any amounts paid to the participant under clause 14A.14(2).
(3) If the amounts are less than the payments owed by the participant under this clause, the shortfall must be invoiced separately by the clearing manager.

Information, monitoring, and reporting

14A.16

Information required from new purchasers

Before a new purchaser purchases electricity, it must submit to the clearing manager—
- (a) historical records of the quantity of electricity purchased and sold by that person before that person became a purchaser; or
- (b) if the clearing manager is not satisfied with records provided under paragraph (a), or if there are no such records, a bona fide business plan prepared in good faith to permit a realistic estimate of the purchaser’s future trading.

14A.17

Participants subject to prudential requirements must provide information to clearing manager

(1) The clearing manager may require a participant that is required to comply with prudential requirements in this Part to provide, by any date specified by the clearing manager, any information that the clearing manager requires for the purposes of carrying out its functions under this Part.
(2) A participant that is required to provide information to the clearing manager under subclause (1) must provide the information to the clearing manager by the date specified by the clearing manager.
(3) Each participant that is required to comply with prudential requirements under this Part must provide the following information to the clearing manager immediately upon the participant becoming aware of the situation:
- (a) if the participant is a purchaser, any significant change to that purchaser’s business, including a merger or acquisition, loss or gain of a customer, or sale or purchase of assets, that could significantly affect the quantity of electricity purchased or generated by the participant in its capacity as a purchaser or generator:
- (b) any change or likely change to the participant’s credit rating (if the participant has a credit rating), regardless of whether or not the participant is relying on a credit rating as a prudential requirement in terms of clause 14A.3:
- (c) if a letter of credit or guarantee or bond is provided in respect of the participant in accordance with Part 1 of Schedule 14A.1—
  - (i) any change or likely change to the credit rating of the provider of the guarantee, letter of credit, or bond such that the provider’s credit rating would, as a result, not be an acceptable credit rating as defined in clause 14A.3; or
  - (ii) any claim by the provider of the guarantee, letter of credit, or bond that the guarantee, letter of credit, or bond has ceased to be valid and enforceable.
(4) If, at any time, a participant believes that its ability to pay an amount owing to the clearing manager under this Code is or is likely to be materially adversely affected, the participant must provide the clearing manager with details of that fact immediately.

Clause 14A.17(3)(a): amended, on 1 November 2018, by clause 108 of the Electricity Industry Participation Code Amendment (Code Review Programme) 2018.

14A.18

System operator to provide information

The system operator must provide the clearing manager with the following information immediately upon becoming aware of the information:
- (a) any likely significant change to any amount to be allocated to a participant in respect of ancillary services:
- (b) the amount incurred by a participant as a result of the participant causing an under-frequency event.

Clause 14A.18(a): amended, on 24 March 2015, by clause 31 of the Electricity Industry Participation Code Amendment (Extended Reserve) 2014.

Clause 14A.18(a): amended, on 21 December 2021, by clause 39 of the Electricity Industry Participation Code Amendment (Automatic Under-Frequency Load Shedding Systems) 2021.

14A.19

Clearing manager to keep information confidential

The clearing manager must keep all information received by it under clauses 14A.16 to 14A.18 confidential and must not disclose it to any other person except—
- (a) with the written consent of the person who provided the information; or
- (b) if the information is required to be disclosed to or by the Rulings Panel or the Authority under this Code, regulations made under section 112 of the Act, or any other law.

14A.20

Clearing manager to provide information about cash deposits

Each month the clearing manager must provide each participant that has provided a cash deposit with a statement regarding the balance of the participant's cash deposit.

14A.21

Clearing manager to provide information about required security

(1) The clearing manager must provide each participant that is required to comply with prudential requirements under this Part with information about the amount for which security is required to be provided by the participant under clause 14A.6.
(2) The clearing manager must—
- (a) provide the information to the participant through WITS; and
- (b) publish the information.

Clause 14A.21(2): replaced, on 5 October 2017, by clause 510 of the Electricity Industry Participation Code Amendment (Code Review Programme) 2017.

14A.22

Clearing manager to keep register of specified time periods

(1) The clearing manager must keep a register of the following time periods for each participant that is required to comply with prudential requirements in this Part (except a participant to which subclause (2) applies):
- (a) a prudential exit period determined in accordance with subclause (3):
- (b) a post-default exit period determined in accordance with subclause (4).
(2) The clearing manager is not required to keep a register of time periods for a participant that is required to comply with prudential requirements in this Part only because the participant has an obligation in relation to 1 or more FTRs.
(3) The prudential exit period for a participant is the number of trading days that elapse over the sum of the following:
- (a) 1 trading day:
- (b) the post-default exit period for the participant.
(4) The post-default exit period for a participant is as follows, unless the Authority has approved a shorter period requested by the participant:
- (a) for a retailer, 18 trading days:
- (b) for a direct purchaser, 7 trading days:
- (c) for a participant that is not a retailer or a direct purchaser, 7 trading days.
(5) The post-default exit period for a participant begins from the day on which the participant advises the clearing manager or the clearing manager advises the participant under clause 14.43 that an event of default has occurred in relation to the participant.
(6) A participant that has a shorter post-default exit period approved by the Authority may increase the period to no more than the number of trading days set out in subclause (4) by giving 20 business days' notice to the clearing manager.
(7) A shorter post-default exit period approved by the Authority takes effect 20 business days after the date of the Authority's approval.
(8) If the Authority has approved a shorter post-default exit period for a participant—
- (a) the participant must immediately advise the Authority if the participant's circumstances change such that the criteria against which the Authority approved the shorter post-default exit period may no longer be met:
- (b) the clearing manager must immediately advise the Authority if the clearing manager becomes aware that the participant's circumstances have changed such that the criteria against which the Authority approved the shorter post-default exit period may no longer be met:
- (c) if the Authority considers the participant's circumstances have changed such that the criteria against which the Authority approved the participant having a shorter post-default exit period are no longer met, the Authority may—
  - (i) amend the participant's post-default exit period; or
  - (ii) rescind its approval of the shorter post-default exit period for the participant.
(9) If the Authority amends or rescinds its approval of a participant's shorter post-default exit period, the Authority must—
- (a) give the participant at least 1 month's notice in writing before the amendment or the rescission comes into effect; and
- (b) advise the participant of the reasons for amending or rescinding the approval.

Clause 14A.22(4): amended, on 1 November 2018, by clause 109(1) of the Electricity Industry Participation Code Amendment (Code Review Programme) 2018.

Clause 14A.22(6): amended, on 20 December 2021, by clause 64 of the Electricity Industry Participation Code Amendment (Code Review Programme) 2019.

Clause 14A.22(8) and (9): inserted, on 1 November 2018, by clause 109(2) of the Electricity Industry Participation Code Amendment (Code Review Programme) 2018.

Disputes

14A.23

Disputes regarding prudential requirements

(1) A participant that disputes a decision of the clearing manager under this Part may refer the dispute to the Rulings Panel.
(2) Until such time as the Rulings Panel makes a decision on the dispute, all participants must comply with the relevant decision of the clearing manager.
(3) If a dispute is referred to it under subclause (1), the Rulings Panel must, after hearing from the participant that disputed the clearing manager’s decision and from the clearing manager, make a decision in accordance with this Part.
(4) If the Rulings Panel overturns or varies a decision by the clearing manager, the clearing manager’s original decision, and the process that led to that decision, is not a breach of this Code by the clearing manager, unless the Rulings Panel determines that the clearing manager’s decision was made negligently or in bad faith.

Notices

14A.24

Notices

(1) Except as expressly provided in this Code, a notice or demand given or required to be given under this Part may be given by being delivered or transmitted to the intended recipient at its address or electronic address as last advised in writing to the sender and may be posted to such address by prepaid post.
(2) Subject to subclause (3),—
- (a) a notice or demand delivered by hand is deemed to be delivered on the date of such delivery; and
- (b) a notice or demand delivered by post is deemed to be delivered on the 2^nd business day following the date of posting; and
- (c) a notice or demand transmitted through WITS is deemed to be delivered on the date it was transmitted.
(3) Any notice or demand delivered, or deemed to be delivered, on a day that is not a business day, or after 1600 hours on a business day, is deemed to have been delivered on the next business day.

Clause 14A.24(2)(c): amended, on 5 October 2017, by clause 511 of the Electricity Industry Participation Code Amendment (Code Review Programme) 2017.

Schedule 14A.1

cl 14A.4

Acceptable security

Part 1 Acceptable forms of security

1 Acceptable forms of security

A participant may provide acceptable security in any of the following forms:
- (a) a cash deposit (see clause 2):
- (b) an unconditional guarantee or letter of credit (see clause 3):
- (c) a security bond (see clause 4):
- (d) another form of security (see clause 5):
- (e) a combination of the forms of security listed in paragraphs (a) to (d) that in aggregate secures the required amount.

2 Cash deposit

(1) A participant must pay a cash deposit into the cash deposit accounts or to the clearing manager.
(2) The participant must provide and maintain an acceptable participant's security agreement in respect of the cash deposit.
(3) A participant's security agreement must—
- (a) be a security agreement as defined in section 16(1) of the Personal Property Securities Act 1999; and
- (b) create a first ranking security interest in respect of the cash deposit; and
- (c) secure the participant's payment and performance obligations to the clearing manager under this Code; and
- (d) be in a form approved by the Authority.

3 Guarantee or letter of credit

(1) A guarantee or letter of credit must be given in favour of the clearing manager.
(2) A letter of credit is an acceptable form of security only if it is given by a bank.
(3) A guarantee or letter of credit must be given on terms as follows, or as otherwise approved by the Authority:
- (a) for a guarantee given by a bank, the terms in Schedule 14A.2:
- (b) for a guarantee given by another person, the terms in Schedule 14A.3:
- (c) for a letter of credit, the terms in Schedule 14A.4.
(4) A guarantee or letter of credit is an acceptable form of security only while the person giving it has an acceptable credit rating as defined in clause 14A.3.

4 Security bond

(1) A security bond must be given in favour of the clearing manager.
(2) A security bond must be given on the terms in Schedule 14A.5 or as otherwise approved by the Authority.
(3) A security bond is an acceptable form of security only while the surety has an acceptable credit rating as defined in clause 14A.3.

5 Other security

(1) Any other form of security is an acceptable form of security only if it has been approved by the Authority.
(2) The Authority may approve another form of security if the Authority is satisfied that the form of security ensures that the relevant participant can meet its financial obligations under the Code to the same extent as if the participant provided a form of security specified in paragraphs (a) to (d) of clause 1.

Part 2 Minimum security

6 Determining minimum security

(1) The minimum amount for which security is required to be provided by a participant under clause 14A.6 is—
- (a) the sum of the following amounts:
  - (i) the general prudential requirement calculated in accordance with clause 7:
  - (ii) the FTR prudential requirement calculated in accordance with clause 11; minus
- (b) any amount prepaid by the participant under clause 14.30 that is specified by the participant as being for a billing period—
  - (i) that has commenced but remains unsettled on the day for which the minimum security is being determined; or
  - (ii) any part of which falls within the prudential exit period for the participant (if any).
(2) If the sum of the amounts under subclause (1) is negative, the minimum amount for which security is required to be provided is 0.

Clause 6(1)(b): substituted, on 24 March 2015, by clause 23 of the Electricity Industry Participation Code Amendment (Settlement and Prudential Security) 2014.

7 General prudential requirement

The general prudential requirement is the sum of the following amounts calculated in accordance with the methodology approved under clause 8:
- (a) the expected amount of the clearing manager's outstanding financial exposure to the participant; and
- (b) the exit period prudential margin for the participant.

8 Methodology for determining general prudential requirement amounts

(1) The clearing manager must formulate and publish a methodology for determining the amounts specified in clause 7.
(2) The methodology must comply with the requirements specified in clauses 9 and 10.
(3) The consultation and approval requirements set out in Schedule 14.2 apply to the methodology.

9 Calculating clearing manager's outstanding financial exposure to participant

(1) The expected amount of the clearing manager's outstanding financial exposure to a participant on any trading day is an estimate of all unsettled amounts owing by the participant to the clearing manager and by the clearing manager to the participant to the end of the previous trading day, including the clearing manager's estimate of the following amounts:
- (a) the amount owing to or by the participant for purchasing and selling electricity:
- (ab) [Revoked]:
- (b) the amount owing to or by the participant in relation to ancillary services:
- (c) the net amount owing to or by the participant in respect of any hedge settlement agreement lodged with the clearing manager under clause 14.8:
- (d) the amount of any GST payable by the participant in respect of the above amounts.
(2) The clearing manager must use final prices in calculating amounts under subclause (1) unless—
- (a) final prices are not available, in which case the clearing manager must use interim prices; or
- (b) neither final prices nor interim prices are available, or an undesirable trading situation has been claimed in respect of a trading period or trading day that is included in the clearing manager's estimate, in which case the clearing manager must use the price calculated in accordance with clause 10(2)(c) that is used in the methodology for determining the exit period prudential margin.
(3) The clearing manager must take washup amounts that have been advised as owing under Part 14 into account in estimating the amounts described in this clause.

Clause 9(1)(ab): inserted, on 24 March 2015, by clause 32 of the Electricity Industry Participation Code Amendment (Extended Reserve) 2014.

Clause 9(1)(ab): revoked, on 21 December 2021, by clause 40 of the Electricity Industry Participation Code Amendment (Automatic Under-Frequency Load Shedding Systems) 2021.

Clause 9(3): amended, on 24 March 2015, by clause 24 of the Electricity Industry Participation Code Amendment (Settlement and Prudential Security) 2014.

10 Exit period prudential margin

(1) The exit period prudential margin for a participant is the clearing manager's estimate of the amount that the participant will incur and earn during the prudential exit period for the participant in respect of the following:
- (a) the sale and purchase of electricity:
- (ab) [Revoked]:
- (b) ancillary services:
- (c) any hedge settlement agreement lodged with the clearing manager under clause 14.8:
- (d) any GST payable in respect of the above amounts.
(2) The estimated amounts to be incurred and earned by the participant in respect of the sale and purchase of electricity under subclause (1)(a) are based on—
- (a) the number of trading days in the prudential exit period for the participant determined under clause 14A.22(3); and
- (b) the expected value of electricity to be purchased by the participant minus the expected value of electricity to be sold by the participant during that period based on the prices in paragraph (c); and
- (c) the sum of the following amounts:
  - (i) the prices of electricity expected to apply during the quarter to which the calculation relates in accordance with subclauses (3) and (4):
  - (ii) an amount determined as set out in subclause (5).
(3) In determining the prices under subclause (2)(c)(i), the clearing manager must use prices of electricity futures products that are available and that the clearing manager considers provide a reasonable estimate of the average price of electricity for the relevant quarter.
(4) The clearing manager must determine the prices under subclause (2)(c)(i)—
- (a) for each quarter beginning 1 January, 1 April, 1 July, and 1 October; and
- (b) no later than 2 months before the beginning of each quarter.
(5) The amount determined under subclause (2)(c)(ii) must—
- (a) be an amount expressed in $/MWh of not less than $0/MWh; and
- (b) be determined on the basis that the exit period prudential margin for a hypothetical purchaser that purchases a constant proportion of total electricity purchased from the clearing manager for every trading period is greater than the general exit period exposure for the purchaser on 75% of the days in a modeling period of 3 to 10 years selected by the clearing manager.
(6) The clearing manager must determine the amount under subclause (2)(c)(ii)—
- (a) once for each calendar year; and
- (b) no later than 2 months before the beginning of each calendar year.
(7) The methodology must specify how the clearing manager will estimate the initial amount of security for ancillary services for a new participant.
(8) The expected amounts to be incurred and earned by the participant in respect of a hedge settlement agreement must be based on the price determined by the clearing manager under subclause (2)(c).

Clause 10(1)(ab): inserted, on 24 March 2015, by clause 33 of the Electricity Industry Participation Code Amendment (Extended Reserve) 2014.

Clause 10(1)(ab): revoked, on 21 December 2021, by clause 41 of the Electricity Industry Participation Code Amendment (Automatic Under-Frequency Load Shedding Systems) 2021

Clause 10(5)(b): amended, on 24 March 2015, by clause 25(1) of the Electricity Industry Participation Code Amendment (Settlement and Prudential Security) 2014.

Clause 10(6)(a): amended, on 24 March 2015, by clause 25(2) of the Electricity Industry Participation Code Amendment (Settlement and Prudential Security) 2014.

11 FTR prudential requirement

The FTR prudential requirement for a participant is the sum of the following amounts:
- (a) the clearing manager's estimate of an amount to be incurred or earned by the participant in respect of any FTR in respect of which the participant is named in the FTR register, calculated in accordance with the methodology approved by the Authority under clause 12:
- (b) the amount of any FTR acquisition cost in respect of an FTR held by the participant:
- (c) any amount payable by the participant to the clearing manager under clause 13.249(4) minus any amount payable by the clearing manager to that participant under clause 13.249(7).

12 Methodology for determining minimum security required in respect of FTRs

(1) The clearing manager must formulate and publish a methodology for determining the minimum amount for which security is required to be provided in relation to a matter set out in clause 11(a).
(2) The methodology formulated by the clearing manager under subclause (1) must comply with the principle that the amount taken into account under clause 11(a) is an estimate of the FTR hedge value (being an amount that may be positive or negative) of the FTR at the time that the estimate is made and the potential for that value to change before the clearing manager is able to realise the value of the FTR following an event of default occurring in relation to the holder of the FTR.
(3) The consultation and approval requirements set out in Schedule 14.2 apply to the methodology.

13 Information to be considered by clearing manager

In estimating the amounts described in this Part, the clearing manager may take into account a substantial change to a participant’s business.

Schedule 14A.2

Schedule 14A.1, cl 3

Guarantee

Schedule 14A.2.pdf

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Schedule 14A.3

Schedule 14A.1, cl 3

Deed of guarantee and indemnity

Schedule 14A.3.pdf

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Schedule 14A.3.html

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Schedule 14A.4

Schedule 14A.1, cl 3

Letter of credit

Schedule 14A.4.pdf

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Schedule 14A.5

Schedule 14A.1, cl 4

Surety bond

Schedule 14A.5.pdf

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Electricity Industry Participation Code 2010