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 provisions for the Electricity Governance Regulations in relation to which the amendments to the Rules are made are sections 172D(1)(3) and 172D(1)(4) of the Act.
3. The Rules are amended by amending Rule 3.27 of Section V of Part G of the Rules as follows:
"3.27 Final prices will not be republished Republication of final prices
Unless directed to do so by the Commission under regulation 56 of the Electricity Governance Regulations 2003, tThe pricing manager will must not be obliged to republish the final price or final reserve price for any trading period. This will be the case notwithstanding any error subsequently discovered in the information provided under rule 3.3 or in the process carried out by the pricing manager in this rule 3. For the avoidance of doubt, the Board may not order the republication of any final price or final reserve price notwithstanding the fact that an undesirable trading situation may exist."
4. Pursuant to section 172Z(4) of the Act, the reasons for my decision to amend the Rules are that:
(a) there is an inconsistency between Regulation 56(2)(c) of the Electricity Governance Regulations 2003 and Rule 3.27 of Section V of Part G of the Rules as to the Electricity Commission’s authority to direct the republication of any final price or final reserve price, in order to correct an undesirable trading situation; and
(b) this amendment removes the inconsistency.
5. These rules come into force on 1 September 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/rulesand
regs/rules
Dated at Wellington this 6th day of July 2010.
HON GERRY BROWNLEE, Minister of Energy and Resources.