Victorian Numbered Acts

ENERGY LEGISLATION AMENDMENT ACT 2023 (NO. 24 OF 2023) - SECT 3

After Division 7 of Part 3 of the National Electricity (Victoria) Act 2005 insert —

" Division 8—Additional Victorian requirements for Ministerial T‑3 reliability instruments

        16ZJ     Application of this Division

    (1)     This Division applies when the Minister exercises the Minister's power under section 14JA of the National Electricity (Victoria) Law to make a T-3 reliability instrument.

    (2)     Subject to this Division, the requirements of this Division are in addition to, and do not limit, section 14JA of the National Electricity (Victoria) Law.

        16ZK     Minister must have regard to certain matters in deciding whether to make a T‑3 reliability instrument

    (1)     In deciding whether to make a T-3 reliability instrument, the Minister—

        (a)     must have regard to—

              (i)     the liquidity of the market for the trading of Victoria region electricity derivatives that could become MLO products if the Minister were to make the instrument; and

              (ii)     the likelihood and consequence of multiple or critical generating units or transmission systems being available at any relevant time for the generation, or transmission, of electricity, as the case requires; and

              (iii)     the impact on consumers of electricity if the Minister were to make the instrument; and

              (iv)     any matter that is prescribed; and

        (b)     may have regard to any other matter that the Minister considers relevant.

    (2)     In this section—

generating unit has the meaning given by Chapter 10 of the National Electricity Rules;

"MLO product" has the same meaning as in Part G of Chapter 4A of the National Electricity Rules;

"Victoria region" means the region (within the meaning of section 14C of the National Electricity (Victoria) Law) determined under the Rules as the Victoria region;

"Victoria region electricity derivative" means a derivative directly related to the purchase or sale, or price for the purchase or sale, of electricity from the wholesale exchange for supply and sale to end users in the Victoria region;

wholesale exchange has the meaning given by section 14C of the National Electricity (Victoria) Law.

        16ZL     Minister to consult the Premier and Treasurer before making a T-3 reliability instrument

Before making a T-3 reliability instrument, the Minister must consult the Premier and the Treasurer.

        16ZM     Minister must publish T-3 reliability instrument or variation and reasons in Government Gazette

    (1)     On the same day the Minister publishes notice of the making of, or a variation to, a T-3 reliability instrument under section 14JA(6)(b) of the National Electricity (Victoria) Law, the Minister must publish in the Government Gazette the following—

        (a)     the T-3 reliability instrument or the variation to which the notice relates;

        (b)     the reasons for the making of the T‑3 reliability instrument or the variation to which the notice relates.

    (2)     Subsection (1) applies despite section 14JA(6)(a) of the National Electricity (Victoria) Law.".