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3 July 2019
Welcome to this special Market Brief, the Electricity Authority’s weekly update on regulatory and market developments.

Contents

We have decided to implement real-time pricing in the wholesale spot market

We have decided to amend the Electricity Industry Participation Code 2010 (Code) to implement real-time pricing (RTP) in the wholesale spot market. Under RTP, the prices used for settlement in each half-hour trading period will be driven directly by live conditions on the power system, rather than calculated separately the next day as they are now. RTP therefore largely removes the major cause of price uncertainty for market participants and consumers, so they can trust and act on the prices they see with far greater confidence.

We will also implement a dispatch-‘lite’ option, to make it easier for smaller-scale players to participate in dispatch and hence the price-setting process.

RTP will be implemented in stages in just over three years: we currently expect it to go live in September 2022. We will engage with industry and other interested parties throughout this delivery phase and will provide regular updates on RTP’s progress.

We have prepared a poster and a fact sheet. We have also published a summary of submissions on our 2019 consultation.
Read the decision paper and get more information

TPM consultation paper to be released on Tuesday 9 July 2019

The Authority has approved the transmission pricing methodology 2019 issues paper and draft TPM guidelines for consultation. 

The 2019 issues paper, draft guidelines and supporting documentation will be published on the Authority’s website on Tuesday, 9 July 2019. The consultation period will run for 10 weeks, to Wednesday, 18 September.

We will seek cross-submissions after that until Thursday 17 October 2019. 

We will provide briefings and workshops, as well as meetings around the country during the consultation period. Details will be provided after the release of the 2019 issues paper.

MDAG briefing on trading conduct review

The Market Development Advisory Group (MDAG) is holding a briefing on the morning of 30 July 2019 in Auckland to update stakeholders on its review of the trading conduct provisions in the Code. 

The briefing will be about MDAG’s work on pivotal pricing, which is its initial area of focus. Later this year, MDAG will issue a formal discussion paper inviting submissions. 

To help interested parties understand the topics that will be discussed at the briefing, MDAG has today published a briefing pack. 
Read the briefing pack
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