This initiative requires market participants to publish key details of their risk management contracts.

To date the Commission has:

• released a consultation paper on the proposal to publish key details of risk management contracts and held a briefing with the industry
• published and reviewed the submissions on the first consultation paper
• released the first update report that described a revised proposal
  
• published the submissions on the first update report
  
• released the second update report that described a futher revised proposal, and
• published the submission on the second update report
  

Consultation

The Commission has developed a proposal and draft rules to implement this initiative. Submissions were sought on the consultation paper and the closing date was 21 September 2007.

• Submissions received

Briefing

The Commission thanks the people who attended the disclosure of risk management contract information briefing held on 11 September 2007.

A number of interesting questions and suggestions were raised by attendees during the briefing. These have been summarised in an information sheet along with initial comments from the Commission. In addition, during the briefing the Commission sought feedback from attendees on alternative criteria for the disclosure of contract information.

• Presentation from briefing pdf [101 KB]
• Summary of questions raised by attendees at the briefing pdf [23 KB]

First Update Report

An update report pdf [481 KB] has been released to brief Participants and interested parties on the submissions received in response to the Disclosure of Contract Information Consultation Paper and to provide an update on changes which have subsequently been made to the original proposal (referred to as the revised proposal)

The revised proposal represents the Electricity Commission’s desire to implement a regime which best incorporates Participants’ varying positions on risk management contract disclosure.  The Commission believes the revised proposal is an appropriate trade off between maintaining anonymity and providing a useful level of disclosure. 

Submissions received on first Update Report

The Commission has received three submissions on the Update Report. The Commission is currently reviewing these submissions and will provide an update on any further changes to the proposal.

• Contact Energy pdf [85 KB]
• Genesis Energy pdf [35 KB]
• Meridian Energy pdf [36 KB]

Second Update Report

A second update report pdf [199 KB] has been released to brief Participants and interested parties on the three submissions received in response to the First Update Report on the disclosure of risk management contract proposal and provides an update on changes which have subsequently been made to the earlier proposal (referred to as the latest proposal). The Commission requests that any comments on the second update report be sent to the Commission by 16 June 2008.

Submission received on second Update Report

The Commission has received one submission on the second Update Report. The Commission is currently reviewing this submission.

• Meridian Energy pdf [30 KB]

System workshop on implementing the proposal

In anticipation of implementing the proposal, the Commission, in collaboration with the Wholesale Information and Trading System service provider (M-co), is planning to hold a couple of system workshops. These workshops, to be held in Wellington, will enable industry participants to have input into the software development associated with implementing the disclosure of risk management contract proposed rule amendments. The intention is to walk through the proposed system, discuss the implementation process and get comment or feedback in order to steer the implementation, rather than seeking input once the system goes live.

The Commission would like to invite interested parties to be part of the workshops. The Commission intends to hold the first workshop during the week commencing 7 July 2008, and the second workshop approximately two weeks after the first workshop. More information will be provided to registered parties. People who are interested in attending the first workshop are requested to register their interest to rick.liew@electricitycommission.govt.nz by 3 July 2008.