50Terms and conditions of LTES agreements

50 Terms and conditions of LTES agreements

50 Terms and conditions of LTES agreements

(1) The consumer trustee is to determine the terms and conditions of an LTES agreement, subject to any requirements prescribed by the regulations.

(2) An LTES operator is required to provide information to the Minister every year about the extent to which the LTES operator is creating employment and supporting industry in New South Wales.

(3) The information is to be provided in a form prescribed by the regulations.

(4) The Minister is to prepare a yearly report summarising the information received from LTES operators and is to table the report in each House of Parliament.

(5) In determining the terms and conditions of an LTES agreement, the consumer trustee is to take into account the following principles—

(a) to align the financial incentives offered under LTES agreements with the changing needs of the electricity system,

(b) to adopt, to the maximum extent possible, the conventions and standards in relation to similar agreements in the national electricity market,

(c) to ensure that LTES agreements allow for future changes in the national electricity market,

(d) to ensure that LTES agreements are consistent with the risk management framework under Division 5,

(e) other principles prescribed by the regulations.

(6) The regulations may make further provision for or with respect to the terms and conditions of an LTES agreement, including in relation to a requirement for a bond or other security to be provided by the LTES operator under the LTES agreement.

(7) This section does not prevent the parties to an LTES agreement from agreeing to additional terms and conditions.

(8) In this section—

national electricity market has the same meaning as in the National Electricity (NSW) Law.