1. Pursuant to section 172I of the Electricity Act 1992 ("Act"), I notify the amendment of the Electricity Governance Rules 2003 ("Rules") under section 172H of the Act.
2. The empowering provision for the Electricity Governance Regulations in relation to which the amendments to the Rules are made is section 172D(1)(1)(b) of the Act.
3. Rules 7.2 and 8.3 of Part H of the Rules are amended. The amendments are to require the clearing manager
to pay payees in cleared funds on settlement day and to require payers to pay the clearing manager by 2.00pm
to ensure the clearing manager has time to pay in cleared funds.
4. Pursuant to section 172Z(4) of the Act, the reason for my decision to amend the Rules is to minimise financial barriers for market participants and ultimately facilitate greater competition in the market.
5. These rules come into force on 1 February 2010.
6. Copies of the Rules may be inspected free of charge or purchased from the Electricity Commission, Level 7, ASB Bank Tower, 2 Hunter Street, Wellington.
7. The Rules can also be viewed on the Electricity Commission’s website
http://www.electricitycommission.govt.nz/rulesandregs/rules
Dated at Wellington this 1st day of December 2009.
HON GERRY BROWNLEE, Minister of Energy and Resources.