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MSC Investigation Continues

26 June 2001

MSC Investigation Continues

The Market Surveillance Committee (MSC), an elected body of independent members, is charged with the surveillance and compliance of the New Zealand electricity market (NZEM). The Market Surveillance Committee's major task is to ensure compliance with the NZEM Rules.

Following a request from an NZEM market participant the MSC is conducting an inquiry into elements of the wholesale market, in particular: * The market's management of prudential risks in the context of the current level of prices; and * NZEM pricing issues that have been raised.

The MSC is investigating with a view to determining whether or not there is an undesirable situation (under the rules of the market) in NZEM. The investigation continues and the MSC will not comment while it is in progress. An announcement will be made to the market and then to the media once the investigation is complete.

M-co, The Marketplace Company Limited, is the market administrator for the New Zealand wholesale electricity market (NZEM). As the executive for the independent Market Surveillance Committee, M-co is unable to comment on either the content of the investigation or its timeline.

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