Kananaskis Falls and Horseshoe Falls Water Power Regulations — 4
4 The rental under this Licence shall be calculated and paid as follows: (a) for each licence year (being the period beginning on October 14 in one calendar year and ending on October 13 in the next calendar year, inclusive), (i) the amount of $40,000, payable on the first day of the licence year, and (ii) the amount by which the product of $0.60 and the total number of megawatt hours of power produced during the licence year exceeds the amount paid under subparagraph (i), payable no later than 60 days after the end of the licence year; (b) for the purpose of subparagraph (a)(ii), the amount of power produced shall be the total amount produced by all the generators as shown by the meters at the generators, without any reduction for any power consumed in the operation of the works; (c) the accuracy of the meters is subject to verification, at the expense of the Licensee, by an inspector authorized by the Minister, which inspector shall perform the verification at least once every five years; (d) where an authorized inspector determines that a meter is inaccurate, the Licensee shall pay any balance owing on account of that inaccuracy within 30 days after the amount is determined or may reduce any amount owing under paragraph (a) by any overpayment on account of that inaccuracy; (e) in the event that the Licensee fails to make any of the required rental payments within 30 days after the date mentioned herein, the Licensee shall pay interest on arrears at the rate of one per cent per month, compounded monthly, for the period beginning on the date any amount is due and payable and ending on the date it is paid; (f) the amounts described in paragraph (a) are subject to revision as follows: (i) where, on a revision date, being the 5th, 10th, 15th, 20th or 25th anniversary of the first day of the term of this Licence, the Province of Alberta is charging a rental for other hydroelectric works that exceeds the rate per megawatt hour payable under this Licence for the preceding licence year, the rate payable under paragraph (a) commencing on that revision date shall be increased to the provincial rate and the lump sum payable under paragraph (a) on that date and in respect of subsequent licence years shall be increased by the same proportion, and (ii) where the Minister, on the basis of the rentals payable for other comparable hydroelectric works owned by corporations that are not Crown corporations and regulated by Her Majesty in right of Canada or in right of a province other than Alberta, determines that the rental commencing on a revision date should be more than the amount payable under subparagraph (i) and so notifies the Licensee at least six months before any revision date, the Minister and the Licensee shall attempt to agree on the amount by which the rental shall be increased; (g) if, by the revision date, the Minister and the Licensee fail to reach agreement on the amount by which the rental shall be increased under subparagraph (f)(ii), either may refer the issue for final determination in accordance with the Commercial Arbitration Act , except that (i) the appointment of arbitrators shall be in accordance with article 11(3) of the Commercial Arbitration Code in Schedule 1 to the Commercial Arbitration Act , and (ii) “court” or “competent court” means the Federal Court; and (h) the rental shall be payable to the Government of Canada and to the Province of Alberta in the proportions provided for Her Majesty in right of Canada and the Province of Alberta, respectively, in paragraph 2(e) of the Agreement attached as Schedule I to The Alberta Natural Resources Transfer (Amendment) Act, 1945 , and the Licensee shall accordingly pay to Canada 45/72nds of all rentals, and pay to the Province of Alberta 27/72nds of all rentals; provided that the annual rental of $1,500 payable under the terms of the agreement of May 20, 1914, or under any patent or other grant of land confirming or replacing the agreement shall be considered to be in