Standardised Flexibility Product Co-design Group
The Standardised Flexibility Product Co-design Group worked with the Authority to develop a flexibility product for the wholesale electricity market.
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Role
The Standardised Flexibility Product Co-design Group worked with the Authority to develop a new standardised super-peak hedge contract (that started trading from January 2025) and made 7 recommendations to develop the product and brokered trading events to support liquidity.
The standardised super-peak hedge contract is a risk management tool for wholesale market participants, enabling them to manage spot price risk during the periods when demand is likely highest (mornings and evenings), and intermittent generation (eg, solar farms) may be low. It will provide more information about future electricity prices to inform investment decisions. Ultimately, consumers will benefit from more efficient competition and more affordable electricity supply for New Zealanders.
The Authority will use the revised Hedge Disclosure Obligations to monitor and publish information about flexibility contracts trading as part of a broader suite of competition indicators. This information will inform the decision to implement stronger pro-competition measures, if necessary.
The introduction of standardised flexibility products is a key priority for the Electricity Authority. The Energy Competition Task Force has included this project as a key measure to enable new generators and retailers to enter and compete in the market. This work also implements recommendation 8 from the Market Development Advisory Group’s report on Price Discovery in a Renewable-Based Electricity System.
Members
The group is made up of eight members appointed for a three-month term by the Electricity Authority (starting 30 September 2024) to represent a range of sector knowledge and experience.
- Shaun Goldsbury, BraveTrace, CEO - Chair
- Karl Arns, emhTrade Markets, OTC Solutions Manager/Sales Trader
- Tim Boyce, Contact Energy, Head of Wholesale Markets
- Matt Carnachan, Hiringa Energy, Head of Trading and Energy Markets
- Nick Haines, The Energy Collective, Group CFO
- Michael Jefferson, Enel X, Head of Development and Innovation
- Paul Morrison, Meridian Energy, Financial Product Owner
- James Tipping, Vector, General Manager Market Strategy/Regulation
Meeting minutes
The minutes of meetings are published here once approved at a subsequent meeting.
Webinar
Introduction to flexibility products for the wholesale electricity market in 2025
The Standardised Flexibility Co-design Group announced their recommendations at a webinar on 18 December 2024.