Changes to the Benchmark agreement for SRAM funding to reflect the new TPM

We're seeking industry feedback on proposed Code changes to the Benchmark agreement which will enable Transpower to recover costs for calculating payments for settlement residue.

We're proposing to amend the agreement to include provisions requiring transmission customers to pay Transpower a processing charge that may be deducted from any settlement residue rebates. The proposed amendments deem these default terms and conditions to be included in all current transmission agreements (including certain earlier agreements that are not based on the Benchmark agreement).

We're also proposing updates to reflect both the new TPM and recent changes in law, and proposing to make the Benchmark agreement its own schedule in the Code.

Read more in our consultation paper below: