The Authority has made an urgent Code amendment to insert a dormant mandatory market making scheme into the Electricity Industry Participation Code 2010 (Code). The amendment will come into force on 3 February 2020.
The dormant scheme will be triggered into effect for one or more market makers if the agreed market making measures are not met.
The Authority has made the amendment urgently in accordance with section 40 of the Electricity Industry Act 2010 to:
- support the other steps the Authority is taking to manage the known risks of disruption in early 2020, including HVDC and gas supply outages;
- increase confidence in the market, particularly among small participants, that risk management tools will be available at efficient prices during the known disruptions in early 2020; and
- give certainty if the current voluntary arrangements cease or reduce in the near future.
Urgent Code amendments do not require consultation but expire nine months after coming into force.
The Authority has notified the market makers affected by the amendment.
The amendment and gazette notice are available here.
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