South Australian Current Acts South Australian Current Acts21—Application of proceeds of sale/lease agreement
(1) The Treasurer may
only apply proceeds of a sale/lease agreement under this Act as follows:
(a) in
payment of an amount equal to any payment made by an electricity corporation,
or a body by which assets or liabilities have been acquired under a
transfer order, on the termination or surrender of a lease entered into before
17 November 1998;
(b) in
payment of the costs of restructuring and disposal of assets of
electricity corporations and preparatory action taken for that purpose;
(c) in
payment to an account at the Treasury to be used for the purposes of a scheme
to limit differences between electricity prices charged to classes of
consumers in non-metropolitan areas and those charged to corresponding
consumers in metropolitan areas;
(d) in
payment to an account at the Treasury to be used for the purposes of retiring
State debt.
(2) Any income from
investment of money paid into an account at the Treasury under
subsection (1) must be applied for the purposes of retiring State debt.
(3) An amount paid by
way of security will not be regarded as proceeds of a sale/lease agreement for
the purposes of this section.
(4) An
electricity corporation must, if the Treasurer so directs, make a specified
payment to the Treasurer.
(5) A
State-owned company must, if the Treasurer so directs, make a specified
payment to the Treasurer.
(6) The Minister must
establish, maintain and operate a scheme (funded initially by the account
referred to in subsection (1)(c) and subsequently by money appropriated
for the purpose) for the purposes of ensuring that the electricity price
charged to any small customer who is supplied electricity through the
transmission network in South Australia, but not generally through a
metropolitan transmission network connection point, will not exceed 101.7% of
the electricity price charged to a corresponding small customer, with the same
levels and patterns of consumption, who is generally supplied through a
metropolitan transmission network connection point.
(7) In this
section—
"metropolitan transmission network connection point" means a transmission
network connection point situated at—
(a) the
East Terrace substation, Adelaide; or
(b) the
Happy Valley substation, Happy Valley; or
(c) the
Kilburn substation, Dry Creek; or
(d) the
Lefevre substation, Outer Harbor; or
(e) the
Magill substation, Magill; or
(f) the
Morphett Vale East substation, Woodcroft; or
(g) the
Northfield substation, Northfield; or
(h) the
Osborne substation, Osborne; or
(i)
the Parafield Gardens West substation, Parafield Gardens;
or
(j) the
Para substation, Gould Creek; or
(k) the
Torrens Island substation, Torrens Island;
"small customer" means a customer with electricity consumption levels (in
respect of a single site) of less than 160 MW.h per year.