GENERAL: NZX: Electricity market breaches

25 Aug 2010 3:54 pm

NZX 25/08/2010 GENERAL

REL: 1554 HRS NZX Limited

GENERAL: NZX: Electricity market breaches

25 August 2010 - NZX Energy confirms that it has reported to the Electricity Commission two alleged breaches of the Electricity Governance Rules by Pulse Utilities.

These alleged breaches relate to two separate instances on Friday 20 August and Tuesday 24 August, related to the provision of prudential and capital payments not made in accordance with the rules on time requirements.

NZX Energy also wishes to confirm that all parties received all monies in full once the Pulse Utilities funds had been received into the Clearing Manager's account. This occurred at 8.30am on Monday 23 August.

While the payments have subsequently been settled, NZX Energy is working with the Electricity Commission on a full review of the issues, including into NZX Energy's own processes as they relate to such breaches.

ENDS End CA:00198821 For:NZX Type:GENERAL Time:2010-08-25:15:54:38

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