New Zealand's Electricity Authority proposed requiring the submission of half-hour metered electricity quantities by participants into the wholesale market's reconciliation process, where this data is available.

The proposal will improve wholesale market reconciliation as well as invoicing accuracy, strengthen price signals, and enhance incentives for demand-side flexibility, the regulator said.

Half-hourly metering installations are installed at over 96% of premises in the country, it noted. Electricity retailers only submit half-hourly data into the reconciliation process for about half of the premises with capable meters currently.

Its estimate of the current value of the proposal's implementation and ongoing costs is around NZ$6 million.

The proposal is open for public feedback until Nov. 21.

Meridian Energy's (NZE:MEL, ASX:MEZ) New Zealand-listed shares shed about 1% in recent Friday trade, while Mercury's (NZE:MCY, ASX:MCY) shares added nearly 1%. Fellow electricity retailers Genesis Energy (NZE:GNE, ASX:GNE) and Contact Energy (NZE:CEN, ASX:CEN) were flat.