Commonwealth Consolidated Acts

COMPETITION AND CONSUMER ACT 2010 - SECT 53T

             (1)  A gas market code may include rules about the terms on which a gas market participant offers to supply or acquire, agrees to supply or acquire or supplies or acquires a gas commodity, including rules about any of the following matters:

                     (a)  how such a term is expressed;

                     (b)  fees payable in relation to such an offer, agreement, supply or acquisition;

                     (c)  terms (including terms relating to price) specified in an expression of interest relating to supplying or acquiring a gas commodity.

             (2)  A gas market code may include rules about the price at which a gas market participant offers to supply or acquire, agrees to supply or acquire or supplies or acquires a gas commodity, including the following:

                     (a)  rules setting a price;

                     (b)  rules setting a maximum price;

                     (c)  rules setting a minimum price;

                     (d)  rules setting a maximum and a minimum price;

                     (e)  rules requiring a price to be reasonable;

                      (f)  rules about the matters that, for the purposes of a gas market code, must, may or must not be taken into account in determining whether a price is reasonable;

                     (g)  rules about determining a price, including matters taken into account in determining a price;

                     (h)  rules about how a price is expressed.

Note 1:       A gas market code may confer on the Minister, the Commission or any other person or body the function of setting a price: see section 53ZB.

Note 2:       Rules of the kind mentioned in this subsection may:

(a)    refer to the prices of any gas commodity inside or outside Australia or any published information about any market; or

(b)    require a price to be equal to the amount worked out by using a specified formula or method.

                   See subsection 53ZE(3).

             (3)  To avoid doubt, a gas market code may include rules requiring a gas market participant not to offer to supply or acquire, not to agree to supply or acquire or not to supply or acquire a gas commodity if rules of the kind mentioned in subsection (1) or (2) are not complied with in relation to the offer, agreement, supply or acquisition.