Todd Energy Pays On Demand

Wednesday, 13 June 2001, 4:42 pm
Press Release: Unknown

Todd Energy Limited has met the New Zealand Electricity Market's call for additional prudential security after originally failing to do so. Todd Energy operates under the trading name "FreshStart".

Philip Bradley, Chief Executive of M-co, the NZEM Market Administrator, said prudential security was required from Market Participants to ensure they could meet their financial obligations in accordance with NZEM's rules.

"Prudential requirements are a cornerstone of the electricity market," said Mr Bradley. "Purchasers must provide security so generators can be guaranteed payment and to ensure the integrity of the market."

The NZEM Clearing Manager (M-co) made calls for additional security on Purchaser Class Market Participants on Monday, after reviewing current prudential levels. The calls were due to be met by 4pm yesterday. The Clearing Manager regularly reviews security levels as part of normal market procedures.

Todd Energy was the only market participant that failed to meet this initial call, which contravened NZEM's rules. The Market Surveillance Committee then gave the retailer a further 24 hours to meet the call for additional security.

Todd Energy provided the required security at 3.58pm before the Surveillance Committee's imposed deadline of 4pm today, removing it from default.

This issue is separate from the Market Surveillance's inquiry into elements of the wholesale market. That investigation is still in progress.

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