Wholesale Information Trading System
The wholesale information and trading system (we call it WITS for short) is used by industry participants to upload their bids and offers. WITS also provides pricing, scheduling and other market data. The platform is run by NZX, as the contracted WITS manager. More information about the WITS manager is available on https://ea.govt.nz/operations/market-operation-service-providers/wits-manager/. The purpose of the WITS is to act as a central facility for the receipt and publication of information between and on behalf of the various parties involved in the wholesale electricity market. Purchasers and generators send their bids and offers for energy and reserves to WITS, which validates them and sends them to the system operator for use in their scheduling and dispatch process. When the resulting prices and quantities have been calculated, the system operator sends these to WITS for publication to generators and purchasers. The pricing manager sends provisional and final prices to WITS for publication to the market. The clearing manager sends constrained on/off amounts and block settlement differences to WITS for publication to the market. It also sends invoices to WITS for distribution to participants. WITS itself compiles compliance information and sends it to the Electricity Authority. It also keeps track of bids and offers throughout the day so that it can publish real-time information and the final bids and offers to the public domain. For more information, visit https://www.electricityinfo.co.nz/v or https://www.nzx.com/services/energy-markets
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