sec.45Geothermal producer may apply for geothermal royalty decision

sec.45 Geothermal producer may apply for geothermal royalty decision

A geothermal producer may apply to the Minister for a decision (a geothermal royalty decision ) about how 1 or more components of the wellhead value of geothermal energy produced by or for the geothermal producer in a royalty return period must be worked out for a particular transaction or particular period. The application must be made— before the geothermal energy is produced; or before, or as soon as practicable after, a material change of circumstances that may affect whether the components mentioned in subsection (1) are based on an arms-length transaction at market value. The application must— be in writing; and be given to the chief executive at the office of the department stated on the department’s website; and state why the geothermal producer is seeking the geothermal royalty decision; and include a statement about how the geothermal producer proposes the components mentioned in subsection (1) should be worked out for the particular transaction or particular period; and a fixed value with adjustments in particular circumstances a formula for deciding the market value include a statement about each of the following— the proposed period for which the geothermal royalty decision will apply; whether or not the geothermal royalty decision is to be reviewed; if the geothermal producer proposes that the geothermal royalty decision be reviewed—when the decision is to be reviewed. (sec.45-ssec.1) A geothermal producer may apply to the Minister for a decision (a geothermal royalty decision ) about how 1 or more components of the wellhead value of geothermal energy produced by or for the geothermal producer in a royalty return period must be worked out for a particular transaction or particular period. (sec.45-ssec.2) The application must be made— before the geothermal energy is produced; or before, or as soon as practicable after, a material change of circumstances that may affect whether the components mentioned in subsection (1) are based on an arms-length transaction at market value. (sec.45-ssec.3) The application must— be in writing; and be given to the chief executive at the office of the department stated on the department’s website; and state why the geothermal producer is seeking the geothermal royalty decision; and include a statement about how the geothermal producer proposes the components mentioned in subsection (1) should be worked out for the particular transaction or particular period; and a fixed value with adjustments in particular circumstances a formula for deciding the market value include a statement about each of the following— the proposed period for which the geothermal royalty decision will apply; whether or not the geothermal royalty decision is to be reviewed; if the geothermal producer proposes that the geothermal royalty decision be reviewed—when the decision is to be reviewed.