43MRegulator may approve fixing of prices in certain circumstances

43M Regulator may approve fixing of prices in certain circumstances

(1)  If the Regulator is satisfied that there has been a significant, deliberate or repeated failure by the Hydro-Electric Corporation to correctly apply an approved methodology in the calculation of prices to be applied in contracts that –

(a) are in an approved standard form to which the approved methodology relates; and

(b) the Hydro-Electric Corporation is, in accordance with section 43I , required to offer to an authorised retailer –

the Regulator may, by notice to the Hydro-Electric Corporation and each authorised retailer that retails electricity in the State, approve the fixing by the Regulator, under the approval, of prices in such contracts.

(2)  If the Regulator is of the opinion that a supply disruption event has occurred, the Regulator, after consulting with the Treasurer, may, by notice to the Hydro-Electric Corporation and each authorised retailer that retails electricity in the State, approve the fixing by the Regulator, under the approval, of prices in contracts that the Hydro-Electric Corporation is, in accordance with section 43I , required to offer to an authorised retailer.

(3)  For the purposes of subsection (2) , a supply disruption event is an event (other than drought) that, in the opinion of the Regulator, is likely to cause a prolonged interruption to a substantial quantity of the electricity that would otherwise be supplied under normal circumstances by the Hydro-Electric Corporation.

(4)  The Regulator may revoke an approval under this section.

(5)  The regulations may make provision in relation to the making or revocation of an approval under this section.

(6)  If the regulations make provision in relation to the making or revocation of an approval under this section, an approval under this section, and a revocation of an approval under this section, must be made in accordance with the regulations.

(7)  An approval under this section, or the revocation of an approval under this section, does not affect the validity or operation of a contract that was entered into before the approval or revocation came into force.