30CPI adjustment to base penalty rates

30 CPI adjustment to base penalty rates

30 CPI adjustment to base penalty rates

Under the Act, Schedule 4A, clause 16(2)(a)(ii)—

(a) for 2011, 2012, 2013, 2014 and 2015—the base penalty rates that applied under section 113 of the Act, and regulations made under the Act for the purposes of section 113(5) of the Act, as then in force (calculated as the base penalty rate for 2009 adjusted for movements in the consumer price index) continue to apply, and

(b) for 2016—the base penalty rate is $28.76 per notional megawatt hour (being the base penalty rate for 2009 adjusted for movements in the consumer price index between the March quarter 2009 and the September quarter 2015), and

(c) for 2017, 2018, 2019, 2020, 2021 and 2022—the base penalty rate for the year is the amount per notional megawatt hour calculated as follows (if necessary, rounded up to the nearest cent)—

where—

Base penalty rateyear is the base penalty rate for the year concerned.

Base penalty rateyear-1 is the base penalty rate for the immediately preceding year.

CPIyear-1 is the Consumer Price Index for the September quarter of the immediately preceding year.

CPIyear-2 is the Consumer Price Index for the September quarter of the year before the immediately preceding year.

, and

(d) for 2023 and each subsequent year—the base penalty rate for the year is the amount per notional megawatt hour calculated as follows, rounded up to the nearest cent—

where—

Base penalty rateyear means the base penalty rate for the year concerned.

CPIyear-1 means the Consumer Price Index for the September quarter of the immediately preceding year.

CPISep 21 means the Consumer Price Index for the September quarter 2021.

cl 30: Subst 2015 (750), Sch 1 [1]. Am 2022 (607), Sch 1[7]–[9].