1. The Electricity Authority (“Authority”) gives notice of the Electricity Industry Participation Code (Market Making Arrangements) Amendment 2026 (“amendment”), made under section 38 of the Electricity Industry Act 2010 (“Act”) on 8 May 2026.

2. The amendment comes into force on 31 July 2026, except for clauses 10–11 which come into force on 1 March 2027.

3. The amendment amends Parts 1 and 13 of the Electricity Industry Participation Code 2010 (“Code”) to update the regulated market making arrangements in the hedge market to:

1. introduce market making requirements on participants subject to Subpart 5B of Part 13 of the Code for super-peak electricity contracts, with a total offer volume requirement of 6 MW per contract at a 5% bid-ask spread (or NZ$2, whichever is greater);
2. extend market making requirements for quarterly base load contracts from 3 years to 5 years ahead;
3. reduce the total offer volume from 12 MW to 8 MW for quarterly base load contracts for year 3, and apply this volume to years 4 and 5 ahead; and
4. clarify the operation of exemptions to the market making obligations and make other minor, technical improvements to the market making provisions.

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-electricity-industry-participation-code-2010/.

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 8th day of May 2026.

ERIK WESTERGAARD, Acting Chair, Electricity Authority.