1. Under section 38 of the Electricity Industry Act 2010 (“Act”), and having complied with section 39 of that Act, the Electricity Authority (“Authority”) gives notice of making the Electricity Industry Participation Code Amendment (Clearing manager to Settle Fixed Price Variable Volume Hedges) 2025 (“amendment”).

2. The amendment comes into force on 1 January 2026.

3. The amendment amends Part 14 of the Electricity Industry Participation Code 2010 (“Code”) as part of the Authority’s Code amendment omnibus number four to permit the clearing manager to settle fixed price variable volume (“FPVV”) hedges using a new form of hedge settlement agreement. The hedge settlement agreement will cater for different types of FPVV hedges.

4. The amendment is secondary legislation for the purpose of the Legislation Act 2019 and is administered by the Authority.

5. A copy of the amendment and the Code is available on the Authority’s website at: https://www.ea.govt.nz/code-and-compliance/the-code/.

6. A copy of the amendment and the Code may also be inspected free of charge or purchased from the Authority, Level 7, Aon Centre, 1 Willis Street, Wellington.

Dated at Wellington this 30th day of April 2025.

ANNA KOMINIK, Chair, Electricity Authority.