General news
Consultation opens for omnibus #6
- Policy
- Wholesale
We’re seeking feedback on an omnibus consultation paper with three discrete proposals to amend the Electricity Industry Participation Code 2010 (Code) to:
- introduce a tie-breaker enhancement to improve handling of identically priced generator offers in constrained areas
- amend the application of the materially large contract rules
- refine the hedge disclosure obligations to increase transparency.
We have also included a list of technical and non-controversial Code drafting fixes.
The proposals respond to operational issues we see. Rather than suggesting substantive policy change, these changes aim to make the Code clearer and easier for participants to work with.
Minimum offer price exclusions for tie-breaker situations
A new tie-breaker mechanism is proposed for situations where generators offer the same price when transmission is constrained. The proposal excludes intermittent generators from offering at $0/MWh. This work follows a Code amendment request from the System Operator in October 2025.
Current settings do not distinguish between generation types, which can result in inflexible plant being turned off when it is needed later. Prioritising inflexible plant when transmission is constrained supports reliability and security of supply.
The proposal would not change outcomes for intermittent generators. Instead, it standardises how the System Operator handles tie-breaker situations, by reducing reliance on manual discretion. Overall, the proposal supports more consistent operational decisions.
Materially large contracts
Materially large contracts help prevent inefficient price discrimination that could increase costs for consumers. We have proposed improvements that clarify the offset for new renewable generation projects and update the definition of a materially large contracts to exclude market priced contracts.
Hedge disclosure obligations
We are proposing updates to strengthen the hedge disclosure obligations and improve transparency in the over-the-counter hedge market. Key changes include improving identification of power purchase agreements and firming arrangements, introducing clear timeframes and processes for novel contracts, and requiring participants to provide consistent information on demand response arrangements.
Together, we believe these changes improve the function of the wholesale market and help support reliable supply for consumers as the system evolves.
We welcome feedback on the Code amendment omnibus proposals by Monday 23 February 2026.
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