Electricity Industry Participation Code (Hedge Disclosure Obligations) Amendment 2026

This amendment to the Electricity Industry Participation Code 2010 (Code) is made under section 38 of the Electricity Industry Act 2010 (Act) by the Electricity Authority having complied with section 39 of the Act.

Amendment

1. Title

   This is the Electricity Industry Participation Code (Hedge Disclosure Obligations) Amendment 2026.

   
   

2. Commencement

   This amendment comes into force on 1 August 2026.

   
   

3. Code amended

   This amendment amends the Electricity Industry Participation Code 2010.

   
   

   Part 1

   Amendments to Part 1 of the Electricity Industry Participation Code

4. Clause 1.1 amended (Interpretation)

   1. In clause 1.1(1), insert in their appropriate alphabetical order:

      demand response contract means a contract containing the right to reduce the consumption of electricity by an amount that equals or exceeds 0.1 MW of electricity demand response premium, in relation to a demand response contract, means the dollar amount paid by the seller to the buyer

      demand response price means the price paid to the consumer for each trading period during which the consumer reduces their consumption of electricity under a demand response contract

1. In clause 1.1(1), definition of buyer, paragraph (b), insert “or a demand response contract” after “fixed-price physical supply contract”.

2. In clause 1.1(1), definition of risk management contract, insert after paragraph (c):

   (caa) for the purposes of subpart 5 of Part 13, a demand response contract; or

3. In clause 1.1(1), definition of seller, paragraph (b), insert “or a demand response contract” after “fixed-price physical supply contract”.

Part 2

Amendments to Part 13 of the Electricity Industry Participation Code

1. Clause 13.219 amended (Information that must be submitted)

   1. In clause 13.219(1), insert after paragraph (g):

      (ga) whether the contract is or includes a demand response contract:

      (gb) if the contract is or includes a demand response contract—

      1. the demand response price, if specified in the contract:

      2. if no demand response price is specified, whether consideration for exercising a right to demand response in the contract is linked to:

         1. price(s) in the contract referred to in paragraph (l); or

         2. other agreements between the parties (in which case, this must be specified):

      3. the minimum and maximum duration of demand response provision under the contract:

      4. the specified volume of electricity by which consumption may be reduced:

      1. the minimum notice period prior to exercising a right to demand response:

      2. the limits, if specified, on repeated use of the demand response provisions:

1. In clause 13.219(1)(l), insert “(other than demand response price)” after “which a price”.

2. In clause 13.219(1), insert after paragraph (m):

1. Clause 13.220 amended (Calculation of contract prices)

   (1) In clause 13.220(2), replace the formula with:

   
   

   
   

   (2) In clause 13.220(3), replace the formula with:

   
   

   
   

2. Clause 13.222A amended (Information about other contracts that must be submitted)

   In clause 13.222A, insert as subclauses (2), (3) and (4):

   1. The information specified in subclause (1) must be submitted to the approved system no later than 5pm, 10 business days after the date the participant entered into the contract.

   2. If both parties to the contract are participants, the obligation in subclause (1) only applies to:

      1. the participant specified as the seller in the contract; or

      2. if neither party is specified as the seller, the person whose name is second alphabetically.

   3. Clauses 13.223, 13.224, 13.227 and 13.227A apply with all necessary modifications as if the contract were a risk management contract.

1. Clause 13.226A amended (Authority must make certain information publicly available)

1. In clause 13.226A(1):

   1. in the chapeau, replace “Subject to subclause (2)” with “Unless subclause (2) applies”; and

   2. in paragraph (a), replace “under clauses 13.219(1)(c) to 13.219(1)(h), 13.219(1)(j), and 13.219(1)(m) to 13.219(1)(s)” with “under clauses 13.219(1)(c)

      to 13.219(1)(ga), 13.219(1)(h), 13.219(1)(j), 13.219(1)(m), and 13.219(1)(n) to 13.219(1)(s)”.

2. In clause 13.226A(2):

   1. in the chapeau, replace “may also” with “must”; and

   2. in paragraph (a), replace “under clauses 13.219(1)(c), 13.219(1)(f) to 13.219(1)(h), and 13.219(1)(m) to 13.219(1)(s)” with “under clauses 13.219(1)(c), 13.219(1)(f) to 13.219(1)(ga), 13.219(1)(h), 13.219(1)(m), and

      13.219(1)(n) to 13.219(1)(s)”.

3. In clause 13.226A, insert after subclause (2):

   (2A) The Authority is not required to publish information under subclause (1) or (2) if

   publication would not achieve a purpose specified in clause 13.217.

Made at Wellington on 13 May 2026

Erik Westergaard Acting Chair Electricity Authority

Certified in order for signature:

Nichola Lambie Rachael Brown

Manager Legal - Legislation Partner

Electricity Authority Bell Gully

12 May 2026 12 May 2026

Explanatory Note

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 August 2026

The amendment amends the hedge disclosure obligations to:

1. improve identification of power purchase agreements and firming arrangements;

2. introduce timeframes and processes for disclosing novel contracts;

3. require consistent disclosure of demand response arrangements; and

4. provide the Authority with discretion not to publish information on a risk management contract if doing so would not achieve the purpose of ensuring accurate comparison of risk management contracts and development of accurate contract curves.