(1)  A licensee whose water allocation is reduced under section 88(1) is entitled to compensation for any liability incurred or loss sustained unless –

(a) the reduction is necessary to ensure that the total quantity of water permitted to be taken from the relevant water resource does not prevent the achievement of the water regime that best gives effect to the environmental objectives referred to in section 14(2)(a) ; or

(b) the licensee consents to the reduction.

(2)  In default of an agreement between the Minister and the licensee, the amount of compensation is to be determined in accordance with the Commercial Arbitration Act 2011 .

(3)  For the purposes of this section, any compensation is to be paid out of the Public Account without further or other appropriation than this section.

(4)  In determining the amount of compensation under subsection (1) , any benefit to the licensee arising from the abrogation or reduction is to be taken into account.