Part 2ARental

Part 2A—Rental 9A—Amount of rent (1) Subject to this regulation, for the purposes of section 45A(2) of the Act, the holder of a licence to whom section 45A of the Act applies must, in respect of each year in which a natural reservoir is utilised by the person to store a regulated substance, pay to the Minister— (a) if the regulated substance is to be held indefinitely in a natural reservoir—an amount of rent calculated in accordance with the following:

Where— A is the amount of rent payable R is the prescribed rate V1, subject to any adjustment made in accordance with subregulation (3), is the volume of the natural reservoir utilised to store the regulated substance in the previous year in which rent was payable by the person V2 is the volume of the natural reservoir utilised to store the regulated substance in the relevant year; or (b) in any other case—an amount of rent calculated in accordance with the following:

Where— A is the amount of rent payable R is the prescribed rate V is the average maximum volume of the natural reservoir utilised to store the regulated substance in the relevant year. (2) For the purposes of subregulation (1)(a) and (b), the prescribed rate is $0.25 per m3. (3) For the purposes of calculating an amount of rent under subregulation (1)(a), if there has been an increase in the volume of the regulated substance stored in a natural reservoir in the relevant year, the volume referred to in V1 of the formula in that subregulation is to be adjusted for any change in the storage conditions in the natural reservoir (such as pressure or temperature) as a result of the increased volume. (4) For the purposes of subregulation (1)(b), the average maximum volume is to be calculated by reference to the maximum volume of the natural reservoir utilised to store the regulated substance in each month in the relevant year. (5) The Minister may, as the Minister thinks fit in a particular case and after consultation with the person who is liable to pay rental, adjust the amount of rental payable as calculated in accordance with this regulation to take into account variations in the storage conditions of the natural reservoir (such as pressure or temperature) that may affect the volume of the natural reservoir utilised for storage. Example— The Minister may consider fixed or average storage conditions in respect of each year in which a natural reservoir is utilised by the person to store a regulated substance and make adjustments accordingly. (6) The Minister may, with the agreement of the person who is liable to pay rental, vary the method of calculation set out in this regulation as the Minister thinks fit in a particular case. 9B—Rental return—prescribed period For the purposes of section 45B of the Act, the prescribed period is the period of 30 days following the end of each year in which a natural reservoir is utilised to store a regulated substance.