Wholesale market participants' obligations
Wholesale market participants must comply with all their industry obligations as set out in the Code. Below is a selection of obligations that a wholesale market participant has under the Code with our guidelines to enable participants to implement best practice.
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Electricity hedge disclosure
Industry participants need to disclose risk management contract information using the electricity hedge disclosure system website.
Every participant who submits hedge information must certify they have disclosed information accurately. They need to complete and submit a hedge disclosure declaration certificate by 30 June (as per clause 13.230 of the Code).
Spot price risk disclosure
The stress testing regime requires disclosing participants in the wholesale electricity market to apply a set of standard stress tests to their market position. Disclosing participants are persons who:
- consume electricity that is conveyed to them directly from the national grid
- buy electricity from the clearing manager.
Disclosing participants need to prepare a spot price risk disclosure statement quarterly to their Board and to an independent registrar appointed by us.
Wholesale market information disclosure
Wholesale market participants are obliged to make disclosure information available when they become aware of it.
Disclosure information is information that is about the participant, that is held by the participant, and that the participant expects, or ought reasonably to expect, will have (or is likely to have) a material impact on prices in the wholesale market if made available to the public.
Part 13 of the Code requires wholesale traders and generators to make information available using the 'approved system'. Clause 1.1 of the Code defines an 'approved system' as "the system or systems required to convey information between persons in accordance with this Code as may be approved from time to time by the Authority".
Other Part 13 provisions require that, if a particular approved system or other means of providing information is unavailable, the relevant participant must follow backup procedures specified by the WITS manager to make the relevant information available.
Read the approved systems document for the approved systems, backup procedures, which Part 13 provision(s) they apply to, and how they are changed.