The Power Purchase Contract serves as a cornerstone agreement in New Zealand's energy sector, establishing the commercial and technical framework for electricity sales between generators and purchasers. This document is essential when parties seek to establish long-term electricity supply arrangements, whether for renewable energy projects, industrial operations, or other commercial purposes. It must comply with New Zealand's regulatory requirements, including the Electricity Industry Act 2010 and related regulations. The agreement typically covers a period of several years and includes detailed provisions for pricing, delivery obligations, performance standards, and risk allocation. It's particularly crucial for project financing of new generation facilities and for businesses seeking to secure stable, long-term power supply arrangements.
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1. Parties: Identification of the power producer/seller and the purchaser, including full legal names and addresses
2. Background: Context of the agreement, including facility details and purpose of the arrangement
3. Definitions: Detailed definitions of terms used throughout the agreement
4. Term and Termination: Duration of the agreement, conditions for renewal, and termination rights
5. Sale and Purchase Obligations: Core obligations including commitment to supply and purchase electricity
6. Delivery Point and Title: Specification of where electricity is delivered and when title passes
7. Metering and Testing: Requirements for measuring electricity delivery and quality
8. Price and Payment: Pricing structure, payment terms, and billing procedures
9. Force Majeure: Events excusing performance and procedures for handling such events
10. Default and Remedies: Events of default and corresponding remedies available to parties
11. Dispute Resolution: Procedures for resolving disputes between parties
12. Representations and Warranties: Standard representations and specific warranties regarding power supply
13. Insurance and Liability: Insurance requirements and liability limitations
14. Confidentiality: Protection of confidential information
15. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. Construction and Development: Required if the generating facility is not yet operational, covering construction milestones and requirements
2. Interconnection: Needed if specific interconnection arrangements must be established
3. Renewable Energy Certificates: Required for renewable energy projects where certificates or credits are part of the transaction
4. Performance Security: Include when credit support or performance bonds are required
5. Change in Law: Detailed provisions for handling regulatory changes, particularly relevant for long-term PPAs
6. Grid Connection and Curtailment: Required when specific grid connection terms and curtailment rights need to be addressed
7. Indigenous Rights Provisions: Include when the project affects or involves Māori interests or land
8. Carbon Credits and Environmental Attributes: Required when dealing with emissions trading or environmental benefits
1. Facility Description: Technical specifications of the generating facility
2. Pricing Schedule: Detailed pricing mechanisms, calculations, and adjustments
3. Testing and Commissioning Procedures: Detailed procedures for facility testing and commissioning
4. Operating Procedures: Day-to-day operational requirements and procedures
5. Metering Specifications: Technical requirements for metering equipment and procedures
6. Performance Standards: Required technical and operational performance standards
7. Form of Performance Security: Template for any required performance bonds or guarantees
8. Calculation of Liquidated Damages: Methodology for calculating various liquidated damages
9. Contact Details: List of key contacts and authorized representatives
10. Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
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