43NFixing of prices by Regulator

43N Fixing of prices by Regulator

(1)  If an approval is made under section 43M(1) in respect of prices in mandatory contracts that are in an approved standard form, the Regulator may, by notice to the Hydro-Electric Corporation and each authorised retailer that retails electricity in the State, fix the prices in respect of mandatory contracts that are in that approved standard form.

(2)  Prices fixed by the Regulator under subsection (1) in respect of mandatory contracts in an approved standard form are to be calculated by the Regulator in accordance with the approved methodology in relation to contracts that are in that approved standard form.

(3)  If an approval is made under section 43M(2) in respect of prices in mandatory contracts, the Regulator may, by notice to the Hydro-Electric Corporation and each authorised retailer that retails electricity in the State, fix the prices in respect of mandatory contracts.

(4)  Prices fixed by the Regulator under subsection (3) in respect of mandatory contracts are not required to be calculated by the Regulator in accordance with the approved methodology in relation to contracts that are in an approved standard form.

(5)  The Regulator may revoke a notice issued under subsection (1) or (3) .

(6)  If the Regulator, in accordance with an approval under section 43M , fixes*,* under subsection (1) or (3) , the prices in respect of mandatory contracts, section 43I applies in relation to such contracts offered or entered into by the Hydro-Electric Corporation while the approval and the notice remain in force, as if any reference in this Division, including section 43I , to prices calculated in accordance with an approved methodology were a reference to the prices so fixed.

(7)  The regulations may make provision in relation to the fixing of prices under this section.

(8)  If regulations are made in relation to the fixing of prices under this section, the fixing of prices under this section must be made in accordance with the regulations.

(9)  The issue under this section of a notice fixing a price in contracts, or a revocation of such a notice, does not affect the validity or operation of a contract that was entered into before the issue or revocation.