Code amendment omnibus #6 decision

We are making three amendments to the Electricity Industry Participation Code under omnibus #6 – while opting to not proceed with one proposal.

The amendments respond to operational issues in the wholesale electricity market and are intended to make the Code clearer and easier for participants. They do not represent substantive policy change.

The Code amendments are:

• the materially large contract rules
• the hedge disclosure obligations
• a list of technical and non‑controversial drafting fixes.

We will not proceed with the proposed minimum offer price exclusion for tie‑breaker situations.

Materially large contracts

The changes include clarifying how the offset for new renewable generation projects applies, and updating the definition of a materially large contract to exclude market‑priced contracts.

Hedge disclosure obligations

The changes include:

• improving identification of power purchase agreements and firming arrangements
• introducing clearer timeframes and processes for novel contracts
• requiring participants to provide consistent information on demand response arrangements.

Technical and non‑controversial amendments

These changes correct errors, improve readability, and clarify intent without affecting outcomes.

We also intend to make two additional minor changes which were not part of the proposed corrections included with the consultation paper. Under section 39(3) of the Electricity Industry Act, these do not require consultation, but a draft of these amendments is published in the decision paper.

Minimum offer price exclusions for tie‑breaker situations

We consulted on introducing a tie‑breaker mechanism for situations where generators submit identical prices when transmission is constrained.

After considering submissions, we have decided not to progress this proposal as the change could risk disincentivising investment in intermittent generation.

When the amendments come into effect

The materially large contracts Code amendment will come into effect on 1 July 2026; the other two will be introduced on 1 August 2026.

We would like to thank all submitters who provided feedback on the proposed amendments. There were 11 submissions.