Following "dry" hydro years in 2001 and 2003, the Electricity Commission established Reserve Energy Arrangements aimed to ensure security of supply in such years. In 2006, it sought an independent review of the arrangements. The project included the following tasks: 1.) determine the optimal level of supply security for New Zealand; 2.) determine whether it is likely that this level of supply security will be delivered by the market; 3.) identify and analyse alternate arrangements that may enable the supply security standard to be achieved; and 4.) consult with stakeholders with regard to the recommended approach.