43GApprovals in relation to certain contracts of Hydro-Electric Corporation

43G Approvals in relation to certain contracts of Hydro-Electric Corporation

(1)  The Regulator must approve –

(a) a type of contract relating to managing the financial risks associated with the purchase of electricity supplied, or to be supplied, to an authorised retailer in the national electricity market; and

(b) a standard form, or standard forms, in relation to the type of contract specified in the approval; and

(c) a methodology for the calculation of prices in contracts that are in a standard form specified in the approval; and

(d) a total period, in contracts that are in a standard form specified in the approval, for which an authorised retailer may elect to have such a contract apply to prices for electricity; and

(e) a formula, rules or methodology for determining the minimum total quantity of units of electricity in respect of the type of contract specified in the approval.

(2)  For the avoidance of doubt, a formula, rules or methodology approved under subsection (1)(e) may take into account contracts, relating to the management of financial risks, entered into in Tasmania by the Hydro-Electric Corporation that are not in an approved standard form.

(3)  The Regulator must, in an approval under subsection (1) , declare to be an approved type of contract a load following swap contract.

(4)  The Regulator may revoke an approval under subsection (1) .

(5)  Without limiting subsection (4) , the Regulator may revoke an approval under subsection (1) if the Regulator is of the opinion that the approval has ceased to reflect any of the principles specified in section 43H .

(6)  The regulations may make provision in relation to –

(a) the approval by the Regulator of matters under subsection (1) ; and

(b) the revocation of an approval made under subsection (1) ; and