Enabling investment and innovation
Wholesale market information disclosure
Improving information disclosure to support a well-functioning market and maintain confidence and integrity of the forward price curve.
Overview
We've decided to permanently amend the definition of ‘disclosure information’ in the Electricity Industry Participation Code 2010. The new definition of disclosure information is:
- information that is about and held by a participant, and
- that a participant expects, or ought reasonably to expect, if made available to the public, will, or is likely to, have a material impact on prices in the wholesale market.
We have made this change to reduce information asymmetry in the market and improve efficiencies, integrity and confidence for the long-term benefit of consumers.
Timeline
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26 October 2021
Decision —Code amendment to the definition of disclosure information
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22 June - 3 August 2021
Consultation —Permanent change to definition of disclosure informationView consultation -
23 March 2021
Development —Urgent Code amendment to change the definition of disclosure information
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3 March 2021
Event —Electricity Authority and Transpower briefing
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26 January 2021
Decision —Code amendment to improve availability of thermal fuel information
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20 October - 3 November 2020
Consultation —Revised guidelines on wholesale market information disclosureView consultation -
8 October 2020
Event —Focus group on information disclosure guidelines
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14 August 2020
Event —Stakeholder briefing on our thermal fuel information disclosure consultation
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21 July - 1 September 2020
Consultation —Review of thermal fuel disclosure informationView consultation -
29 May 2018
Decision —Code amendment to enhance the wholesale market information disclosure regime
Project background
In Spring 2018, market conditions highlighted concerns about access to information to enable a well-functioning energy market. Concerns about levels of information disclosure in the gas market and related overlap to the electricity market were echoed by the Minister for Energy and Resources, the Electricity Price Review, MBIE and independent retailers.
This project looked at how to improve information disclosure to reduce information asymmetry, improve market efficiency, and enhance the confidence and integrity of the forward price curve. It resulted in a permanent amendment to the definition of ‘disclosure information’ in the Electricity Industry Participation Code 2010.
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