This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 1 June 2012, amend the Electricity Industry (Enforcement) Regulations 2010 (the principal regulations). They make changes relating to the appointment by the Electricity Authority under the Electricity Industry Participation Code (the Code) of an FTR manager. The FTR manager is appointed to do various things in relation to a new form of rights—financial transmission rights—that are provided for in subpart 6 of Part 13 of the Code. The FTR manager, by virtue of the Electricity Industry (Participants and Roles) Regulations 2012, is a market operation service provider as defined in the Electricity Industry Act 2010.
insert definitions of FTR manager and financial transmission right; and
provide that the clearing manager is liable to the holder of a financial transmission right who suffers loss (as well as already being liable to a generator, purchaser, system operator, or ancillary service agent who suffers loss); and
set limits on the liability of the FTR manager.
In addition, the regulations revoke regulation 74 of the principal regulations, which imposed an obligation on various parties to maintain professional indemnity insurance. This regulation is no longer required.
Date of notification in Gazette: 26 April 2012.
These regulations are administered by the Ministry of Economic Development.