The Master Power Purchase And Sale Agreement is a fundamental document used in the Australian energy market for establishing long-term electricity trading relationships between counterparties. It is particularly relevant in the context of the National Electricity Market (NEM) and is designed to comply with Australian energy regulations, including the National Electricity Rules and relevant state legislation. The agreement serves as an umbrella document under which parties can execute multiple electricity trading transactions without renegotiating basic terms for each deal. It typically includes comprehensive provisions for pricing, scheduling, credit support, risk allocation, and dispute resolution, while also addressing specific Australian market mechanisms such as environmental certificate trading and network access requirements. This type of agreement is essential for power generators, retailers, and large consumers engaging in wholesale electricity trading, and can be adapted for both conventional and renewable energy sources.
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1. Parties: Identification of the contracting parties including full legal names and addresses
2. Background: Context of the agreement including purpose and relationship between parties
3. Definitions: Detailed definitions of terms used throughout the agreement
4. Transaction Procedures: Procedures for entering into power purchase transactions including confirmation requirements
5. Obligations and Deliveries: Core obligations regarding power delivery, receipt, and scheduling
6. Pricing and Payment: Terms for calculating prices, invoicing, and payment procedures
7. Credit and Security: Credit support requirements and security arrangements
8. Force Majeure: Circumstances constituting force majeure and resulting rights and obligations
9. Default and Remedies: Events of default, cure periods, and available remedies
10. Term and Termination: Agreement duration, renewal provisions, and termination rights
11. Dispute Resolution: Procedures for resolving disputes including jurisdiction and governing law
12. Representations and Warranties: Standard and specific representations and warranties of each party
13. Indemnification: Mutual indemnification obligations and procedures
14. Confidentiality: Protection and handling of confidential information
15. General Provisions: Standard boilerplate provisions including notices, amendments, and assignment
1. Environmental Attributes: Terms relating to renewable energy certificates and environmental benefits, used when dealing with renewable energy sources
2. Capacity Rights: Provisions regarding capacity market participation, used when relevant to the market structure
3. Network Connection: Terms relating to grid connection and network services, used when seller is responsible for connection
4. Development and Construction: Provisions for new generation facilities, used when agreement covers facilities under development
5. Operating Requirements: Specific operational standards and requirements, used for complex generating facilities
6. Insurance: Specific insurance requirements, used when standard coverage provisions are insufficient
7. Change in Law: Provisions addressing regulatory changes, used in long-term agreements
8. Carbon Price Mechanism: Terms addressing carbon pricing impacts, used when carbon pricing affects the transaction
1. Schedule 1 - Transaction Confirmation Form: Standard form for confirming individual transactions under the master agreement
2. Schedule 2 - Pricing Methodology: Detailed methodology for calculating energy prices including any adjustments
3. Schedule 3 - Credit Support Requirements: Specific credit support obligations and calculations
4. Schedule 4 - Delivery Points: Specification of physical delivery points and associated requirements
5. Schedule 5 - Generation Facility Specifications: Technical details of the generation facilities
6. Schedule 6 - Metering Requirements: Specifications for metering equipment and procedures
7. Schedule 7 - Operating Parameters: Detailed operating requirements and parameters
8. Appendix A - Form of Security: Standard form of any required security documents
9. Appendix B - Notices: Contact details and procedures for various types of notices
10. Appendix C - Special Conditions: Any jurisdiction-specific or special conditions applicable to the agreement
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