CLEAN ENERGY ACT 2011 (NO. 131, 2011) - SECT 55 Effect of surrender or cancellation of OTN--grace period for quotation in relation to a class of supplies

CLEAN ENERGY ACT 2011 (NO. 131, 2011) - SECT 55

Scope

             (1)  This section applies if:

                     (a)  a person's OTN is surrendered or cancelled; and

                     (b)  immediately before the surrender or cancellation took effect, a quotation of the person's OTN was in effect in relation to a class of supplies; and

                     (c)  the quotation had been accepted by the natural gas supplier to whom the quotation was made.

Grace period

             (2)  This Act has effect, in relation to a supply that:

                     (a)  is included in the class of supplies; and

                     (b)  occurs during:

                              (i)  the 28-day period beginning when the surrender or cancellation took effect; or

                             (ii)  if the person and the natural gas supplier agree on a shorter period beginning when the surrender or cancellation took effect--that shorter period;

as if the person had:

                     (c)  held an OTN; and

                     (d)  quoted the OTN in relation to the supply.