33Price determinations

33 Price determinations (1) This section is subject to anything to the contrary in the empowering instrument specifying the prescribed prices or prescribed goods and services in respect of which the Commission is exercising its power of regulation. (2) In making a price determination, the Commission must adopt an approach and methodology which the Commission considers will best meet the objectives specified in this Act and any relevant legislation. S. 33(3) substituted by No. 15/2008 s. 9. (3) In making a determination under this section, the Commission must have regard to— (a) the particular circumstances of the regulated industry and the prescribed goods and services for which the determination is being made; (b) the efficient costs of producing or supplying regulated goods or services and of complying with relevant legislation and relevant health, safety, environmental and social legislation applying to the regulated industry; (c) the return on assets in the regulated industry; (d) any relevant interstate and international benchmarks for prices, costs and return on assets in comparable industries; (e) any other factors that the Commission considers relevant. S. 33(4) substituted by No. 15/2008 s. 9. (4) In making a determination under this section, the Commission must ensure that— (a) the expected costs of the proposed regulation do not exceed the expected benefits; and (b) the determination takes into account and clearly articulates any trade-offs between costs and service standards. (5) A price determination by the Commission may regulate a prescribed price for prescribed goods and services in any manner the Commission considers appropriate. (6) Without limiting the generality of subsection (5), the manner may include— (a) fixing the price or the rate of increase or decrease in the price; (b) fixing a maximum price or maximum rate of increase or minimum rate of decrease in the maximum price; (c) fixing an average price for specified goods or services or an average rate of increase or decrease in the average price; (d) specifying pricing policies or principles; (e) specifying an amount determined by reference to a general price index, the cost of production, a rate of return on assets employed or any other specified factor; (f) specifying an amount determined by reference to quantity, location, period or other specified factor relevant to the rate or supply of the goods or services; (g) fixing a maximum average revenue or maximum rate of increase or minimum rate of decrease in the maximum average revenue in relation to specified goods or services; (h) monitoring the price levels of specified goods and services.