Selection process starts for over-the-counter trading platform

The Electricity Authority Te Mana Hiko (Authority) has started working with industry participants to select an over-the-counter (OTC) trading platform that has all the features necessary to deliver voluntary or mandatory market-making of standardised super-peak hedge contracts.

Our intent to facilitate the platform selection process was included in the November 2025 consultation paper Market making review: strengthening price discovery in the forward electricity markets.

We are proposing to change the Electricity Industry Participation Code 2010 to require mandatory market-making of the standardised super-peak contract, extend the availability of quarterly baseload electricity contracts to five years and reduce required baseload offer volumes. Submissions close 5pm 23 December 2025.

The standardised super-peak contract, covering morning and evening peaks, was launched in January 2025. Brokered trading occurs fortnightly on an OTC platform hosted by Aotearoa Energy.

The selection process provides an opportunity for OTC trading platform providers to pitch their technology and services to participants and to support the evolution of standardised super-peak trading.

Wholesale market participants who have engaged in the fortnightly trading sessions have been invited to nominate representatives to help shape the platform specifications and evaluate potential providers on behalf of the wider industry. This process is being facilitated by the Authority. As with existing arrangements, the platform providers’ services will be funded by trading fees charged to market participants.

The following participants have agreed to take part in the selection process:

Bold Trading, Contact Energy, Electric Kiwi, Haast Energy Trading, Genesis Energy, Mercury, Mercuria, Meridian Energy and 2degrees.

We expect to complete the selection process by 30 March 2026 to enable trading on the selected platform to be established by 1 June 2026.

Read the consultation paper