The Contract for Differences PPA is specifically designed for use in New Zealand's energy market where parties seek to manage long-term electricity price risks through financial settlement mechanisms. This document type is particularly valuable when generators (especially renewable energy providers) require revenue certainty for project financing, while offtakers seek price stability for their electricity costs. The agreement provides a sophisticated framework for calculating and settling the difference between an agreed strike price and market reference price, complying with both New Zealand's financial services regulations and electricity market rules. It includes essential provisions for credit support, market disruption events, and regulatory compliance, making it suitable for both existing facilities and new development projects. The document structure accommodates various generation types while ensuring compliance with the Financial Markets Conduct Act 2013 and the Electricity Industry Participation Code 2010.
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1. Parties: Identification of the contracting parties (typically generator/seller and offtaker/buyer)
2. Background: Context of the agreement, including facility details and purpose of the CFD arrangement
3. Definitions and Interpretation: Detailed definitions of terms used throughout the agreement and interpretation rules
4. Contract for Differences Structure: Core mechanism of the CFD, including strike price, reference price, and settlement calculations
5. Term and Conditions Precedent: Duration of the agreement and conditions that must be met before the agreement becomes effective
6. Metering and Data: Requirements for measuring and recording electricity generation and consumption
7. Payment Calculations: Detailed methodology for calculating difference payments, including timing and adjustments
8. Billing and Settlement: Procedures for invoicing, payment terms, and dispute resolution related to payments
9. Credit Support: Requirements for performance security, guarantees, or other credit support mechanisms
10. Force Majeure: Events excusing performance and procedures for handling force majeure situations
11. Default and Termination: Events of default, remedies, and termination procedures
12. Liability and Indemnities: Allocation of risks and responsibilities between parties
13. Dispute Resolution: Procedures for resolving disputes, including mediation and arbitration
14. Confidentiality: Protection of confidential information and permitted disclosures
15. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. Change in Law: Provisions addressing regulatory changes affecting the CFD structure or payments, used when regulatory environment is uncertain
2. Market Disruption: Procedures for handling electricity market disruptions or price index unavailability, used in volatile markets
3. Carbon Credits and Environmental Attributes: Treatment of environmental benefits and credits, used when relevant to the generation source
4. Capacity Requirements: Minimum or maximum capacity obligations, used when specific capacity commitments are needed
5. Grid Connection: Requirements related to grid connection and maintenance, used for new facilities
6. Development Obligations: Construction and development requirements, used for projects not yet operational
7. Insurance: Specific insurance requirements, used when standard coverage is insufficient
1. Facility Description: Technical specifications of the generation facility
2. CFD Calculation Methodology: Detailed mathematical formulae and examples for CFD calculations
3. Reference Price Sources: Specified price sources and fallback mechanisms
4. Testing and Commissioning Procedures: Requirements for facility testing and commercial operation
5. Metering Specifications: Technical requirements for metering equipment and procedures
6. Form of Credit Support: Ƶ for guarantees or other security documents
7. Notice Details: Contact information and notice requirements for both parties
8. Operating Parameters: Technical and operational requirements for the facility
9. Settlement Example: Sample calculations demonstrating the CFD settlement process
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