Commonwealth Consolidated Acts

COMPETITION AND CONSUMER ACT 2010 - SECT 153X

  (1)   The Treasurer may, in writing, order the body corporate to make offers to enter into electricity financial contracts.

  (2)   The order must:

  (a)   be expressed to be made under this section; and

  (b)   state the day on which the order is made; and

  (c)   identify:

  (i)   the body corporate; and

  (ii)   if the body corporate is not the relevant corporation--the relevant corporation; and

  (iii)   the prohibited conduct mentioned in paragraph   153W(e); and

  (d)   explain the reasons why the Treasurer is satisfied that the conditions in paragraphs 153W(e) and (f) are met; and

  (e)   specify the matters mentioned in subsection   (3).

  (3)   The matters are as follows:

  (a)   the kind of offers that the body corporate must make to enter into electricity financial contracts;

  (b)   the manner in which the body corporate must make those offers;

  (c)   the kind of entities to which those offers must be made;

  (d)   the period or periods during which the body corporate must make those offers;

  (e)   any other matter that the Treasurer considers necessary for the order to be effective.

  (4)   The order may specify the kind of offers that the body corporate must make in any of the following ways:

  (a)   the kind of electricity financial contracts that must be offered;

  (b)   the price or range of prices in respect of electricity under the electricity financial contracts that must be offered, or a method or methods of working out that price or that range;

  (c)   the minimum number of megawatt hours of electricity to which the electricity financial contracts that must be offered must relate.

  (5)   In determining the minimum number of megawatt hours to specify for the purposes of paragraph   (4)(c), the Treasurer must have regard to the following matters:

  (a)   the total electricity generation capacity of the electricity generation assets held by each connected body corporate in relation to the prohibited conduct and related bodies corporate;

  (b)   the nature and location of those electricity generation assets;

  (c)   the commitments that the body corporate has, and related bodies corporate have, to supply electricity to customers;

  (d)   any other matter that the Treasurer considers to be relevant.

  (6)   The specified period or periods during which the body corporate must make those offers must:

  (a)   start no earlier than 6 months after the order is made; and

  (b)   end no later than 3 years after the order is made.

  (7)   The Treasurer must publish, by electronic or other means, the following information:

  (a)   the fact that the order has been made;

  (b)   the day on which the order is made;

  (c)   the name of the body corporate.