(1) The renewable power percentage for a year is the percentage specified in the regulations for the purpose of this subsection. The regulation specifying a percentage for a year must be made on or before 31 March in the year.
(2) If the regulations do not specify a percentage for a year, the percentage for the year is:
(a) for the year commencing on 1 January 2001--0.24%; and
(b) for any later year--the rate worked out using the formula:
(3) Before the Governor-General makes a regulation under subsection (1), the Minister must take into consideration:
(a) the required GWh of renewable source electricity for the year; and
(b) the amount estimated as the amount of electricity that will be acquired under relevant acquisitions during the year; and
(c) the amount by which the required GWhs of renewable source electricity for all previous years has exceeded, or has been exceeded by, the amount of renewable source electricity required under the scheme in those years; and
(d) the amount estimated as the amount of all exemptions that will be claimed for the year.
(3A) If, at the time the Minister takes into consideration the matters referred to in subsection (3), the amount applicable under paragraph (3)(c) is not known, then the Minister may take into consideration an estimate of that amount instead.
(4) The amount of renewable source electricity required under the scheme in a year is worked out using the formula:
(5) A failure to comply with subsection (3) does not affect the validity of the regulations.