Victorian Numbered Acts

ENERGY LEGISLATION FURTHER AMENDMENT ACT 2007 (NO. 55 OF 2007) - SECT 26

After section 52A of the Gas Industry Act 2001 insert —

        " 52B     Approval or determination by ACCC of market service fees payable by market participants

    (1)     VENCorp must, in accordance with the MSO Rules, submit to the ACCC for approval VENCorp's proposed market service fees that are to apply under those Rules.

    (2)     Subject to this section, on receiving VENCorp's proposed market service fees, the ACCC must, in accordance with the MSO Rules—

        (a)     approve (or not approve) the proposed fees; and

        (b)     if the ACCC does not approve VENCorp's proposed market service fees, determine the market service fees that are to apply under those Rules.

    (3)     The ACCC may only approve VENCorp's proposed market service fees, or determine the market service fees, that are to apply under the MSO Rules on a full cost recovery and no operating surplus basis.

    (4)     In this section—

"full cost recovery and no operating surplus basis" means the recovery of costs of providing the market services without consideration of profit or return on investment.

        52C     What if ACCC does not make a decision to approve (or not approve) the market service fees within time?

    (1)     This section applies if—

        (a)     VENCorp submits its proposed market service fees in accordance with section 52B; and

        (b)     the ACCC does not make a decision approving or not approving those proposed market service fees under section 52B by the date specified in the MSO Rules as the date by which it must make such a decision.

    (2)     The ACCC must be taken to have approved VENCorp's proposed market service fees under section 52B and those fees take effect on the day the ACCC was required, under the MSO Rules, to make its decision to approve (or not approve) them.".