We would like to thank all those who provided feedback on our proposed Code changes to the Benchmark agreement to enable Transpower to recover its costs for calculating payments for settlement residue. You can read the submissions we received below.
Following this consultation, we have decided to amend the Code and benchmark agreement (effective 1 October 2023) to include default terms which enable Transpower to recover its SRAM administration costs. The 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 have also decided to update the benchmark agreement to reflect both the new transmission pricing methodology, law changes, and to include the benchmark agreement as its own schedule in the Code. It will be renamed the default transmission agreement template.