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LEANZ Corner

Tony Baldwin and David Hunt: New Zealand’s wholesale electricity market: Fit for the future?

This seminar explores whether New Zealand’s wholesale electricity market (WEM) is fit for the future as the country transitions towards a highly renewable energy system. It outlines the current WEM structure, including the spot market, hedge market, and ancillary services market. It examines anticipated changes in the physical electricity system, such as the increasing share of intermittent renewables like wind and solar, the growth in distributed energy resources, and the rising demand due to electrification. It argues that a market-based approach is preferable over centralized approaches as it promotes competition, innovation, and investment efficiency. It proposes recommendations for “WEM 2.0,” including measures to improve accurate pricing, risk management tools, competition, and public confidence. It emphasizes the importance of capturing innovation and enabling demand-side flexibility to optimize the renewable energy transition while maintaining a reliable and cost-effective electricity supply.

Download the seminar slides and detailed notes here: LEANZ Wholesale Electricity Market Slides May 2024

The recommendations are based on the Market Development Advisory Group (MDAG)’s 2023 paper. Read the paper here: Price discovery in a renewables-based electricity system – Final recommendations paper

     

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James Every-Palmer KC and Daniel Kalderimis: Addressing Climate Change Through Tort Law

This seminar discussed the role of tort law in addressing climate change. it discussed the current landscape of climate litigation, the role of tikanga Māori (Māori common law), and climate change as an intergenerational externality with potential market and regulatory failures. It examined an alternative view inspired by the Coase theorem, suggesting courts could internalize externalities and overcome obstacles to state action. It proposed the concept of “climate comity,” drawing from private international law principles developed by courts for mutual benefit. The seminar also discussed the suitability of tort law to impose responsibility for “unreasonable” emissions or recognise environmental rights, to provide judicial guardrails against inadequate government action on climate change.

Download the seminar slides here: LEANZ Smith v Fonterra April 2024

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Ed Willis: The Impact of Copyright, Privacy, and Cybersecurity Law and Proposed EU Legislation on AI

Rewatch Ed Willis’s LEANZ Webinar on the Impact of Copyright, Privacy, and Cybersecurity Law and Proposed EU Legislation on AI.

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