The Power Offtake Agreement is a crucial commercial contract used in New Zealand's energy sector to establish long-term power purchase arrangements between generators and buyers. This agreement type is essential for securing project financing for new power generation facilities and providing certainty for both suppliers and consumers in the electricity market. It must comply with New Zealand's Electricity Industry Act 2010 and related regulations, while addressing specific requirements for power delivery, pricing structures, and operational standards. The document is particularly relevant for renewable energy projects, industrial power users, and commercial entities seeking dedicated power supply arrangements. A Power Offtake Agreement typically includes detailed technical specifications, performance standards, and risk allocation mechanisms, making it a fundamental tool for energy project development and commercial power supply arrangements in New Zealand.
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1. Parties: Identification of the power supplier and offtaker, including their legal details and addresses
2. Background: Context of the agreement, including facility description, purpose, and any relevant regulatory context
3. Definitions and Interpretation: Comprehensive definitions of terms used in the agreement and rules of interpretation
4. Term and Conditions Precedent: Duration of the agreement, commencement date, and any conditions that must be satisfied before the agreement becomes effective
5. Sale and Purchase Obligations: Core obligations regarding the sale and purchase of electricity, including minimum take-or-pay provisions
6. Delivery Point and Title: Specification of where electricity will be delivered and when title passes
7. Metering and Testing: Requirements for measuring electricity delivery and quality testing procedures
8. Pricing and Payment: Price structure, payment terms, invoicing procedures, and dispute mechanisms
9. Operation and Maintenance: Obligations regarding facility operation and maintenance standards
10. Force Majeure: Definition of force majeure events and their consequences
11. Default and Termination: Events of default, remedies, and termination procedures
12. Dispute Resolution: Procedures for resolving disputes, including mediation and arbitration
13. Confidentiality: Obligations regarding confidential information
14. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. Renewable Energy Requirements: Used when the agreement specifically relates to renewable energy, including renewable energy certificates and environmental attributes
2. Grid Connection: Required when the agreement needs to address specific grid connection requirements and responsibilities
3. Development and Construction: Included when the generating facility is not yet operational and needs to be constructed
4. Credit Support: Required when either party needs to provide financial security or performance guarantees
5. Change in Law: Detailed provisions for handling regulatory changes when operating in a volatile regulatory environment
6. Carbon Credits and Environmental Attributes: Used when the agreement includes trading of environmental attributes or carbon credits
7. Storage Facilities: Required when the agreement includes energy storage components
8. Interconnection Requirements: Detailed technical requirements when complex grid interconnection is involved
1. Facility Description: Technical specifications of the generation facility
2. Pricing Formula and Adjustments: Detailed pricing calculations, including any adjustment mechanisms
3. Testing and Commissioning Procedures: Detailed procedures for facility testing and commissioning
4. Operating Parameters: Technical parameters for facility operation, including capacity and availability requirements
5. Metering Specifications: Technical requirements for metering equipment and procedures
6. Performance Standards: Detailed performance requirements and testing procedures
7. Form of Performance Security: Template for any required performance bonds or guarantees
8. Planned Maintenance Schedule: Schedule of planned maintenance activities and procedures
9. Grid Connection Details: Technical specifications for grid connection
10. Emergency Procedures: Procedures for handling emergency situations
11. Contact Details: List of key contacts and authorized representatives
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