29Reasonable price

29  Reasonable price

 (1) For the purposes of this Division:

 (a) the price mentioned in subsection (2) is taken to be a reasonable price for regulated gas; and

 (b) a price for regulated gas that exceeds the price mentioned in subsection (2) is taken to exceed a reasonable price for regulated gas.

 (2) The price is:

 (a) unless paragraph (b) applies—$12 per gigajoule; or

 (b) if the Commission makes a determination under subsection (3)—the price for regulated gas specified in the determination.

 (3) The Commission may, by legislative instrument, make a determination specifying a price for regulated gas that the Commission considers is a reasonable price for regulated gas.

 (4) Before making a determination under subsection (3), the Commission must consult with the public about the reasons why the Commission considers a price specified by the Commission to be a reasonable price for regulated gas.

 (5) In making a determination under subsection (3), the Commission must take into account comments made in consultations under subsection (4).

 (6) In making a determination under subsection (3), the Commission may take into account any of the following matters:

 (a) the extent to which the determination would promote the following:

 (i) a workably competitive market for regulated gas in the parts of Australia to which this Part applies (see section 9);

 (ii) the affordability and availability of regulated gas in those parts of Australia;

 (iii) the sufficiency or adequacy of investment in, and production of, regulated gas to meet demand in those parts of Australia;

 (b) the effect or expected effect of other related decisions or government policies;

 (c) any other matter the Commission considers relevant.

 (7) The Commission cannot make a determination under subsection (3) within the period of 2 years starting after the commencement of this instrument, unless:

 (a) the Commission considers that there has been a substantial change in market conditions for regulated gas; or

 (b) the Energy Minister and the Resources Minister jointly notify the Commission in writing that it may do so.

 (8) If the Commission makes a determination under subsection (3) on a day, it cannot make a further determination under subsection (3) within the period of 2 years starting after that day, unless:

 (a) the Commission considers that there has been a substantial change in market conditions for regulated gas; or

 (b) the Energy Minister and the Resources Minister jointly notify the Commission in writing that it may do so.