COMPETITION AND CONSUMER ACT 2010 - SECT 53T Terms on which gas commodities are supplied or acquired, including price

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.