Document ID: chunk:federal_register_of_legislation:C2004A01133:schedule:2:p11
Version: federal_register_of_legislation:C2004A01133
Segment Type: schedule
Provision Reference: sch 2 (pt 11/15)
Character Range: 33713–37204

in equal Monthly quantities.

          (2)                Where under this Schedule the Commission is required to adjust accounts in connection with inter‑valley transfer, it must make those adjustments in equal Monthly quantities during the balance of the Water Year in which New South Wales notifies the Commission of the relevant inter‑valley transfer.

          (3)                Each release of River Murray Increased Flows must be allocated half to New South Wales and half to Victoria.

    PART IV:  SNOWY‑MURRAY DEVELOPMENT (RIVER MURRAY) ENVIRONMENTAL ENTITLEMENTS

       15.                Translation Factors

          (1)                New South Wales and Victoria must each transfer Water Savings and Water Entitlements to its respective Snowy‑Murray Development (River Murray) Environmental Entitlement in accordance with Translation Factors agreed between each of them and the Commission.

          (2)                New South Wales, Victoria and the Commission must ensure that:

             (a)                the Translation Factors are determined in a manner consistent with the principles used to determine exchange rates in the relevant Water Market at the time of each transfer under sub‑clause 18(2) of this Schedule; and

             (b)                the use of Translation Factors to transfer Water Savings and Water Entitlements to a Snowy‑Murray Development (River Murray) Environmental Entitlement will not have a significant adverse impact on:

                (i)                the level of Reliability of entitlements to water diverted from the River Murray System, the Murrumbidgee River System and the Goulburn River System;

                 (ii)                the environmental benefits related to the quantity and timing of water flows for environmental purposes in the River Murray System, the Murrumbidgee River System and the Goulburn River System;

                 (iii)                the Seasonal Availability of the entitlement to be received during that Water Year by South Australia under this Agreement; and

                 (iv)                water quality in the River Murray in South Australia.

       16.                Apportionment Of Environmental Entitlements

New South Wales and Victoria must notify the Commission of how each Environmental Entitlement has been apportioned between:

             (1)                the Snowy River Apportioned Entitlement; and

             (2)                the River Murray Apportioned Entitlement.

       17.                Valley Accounts

If:

             (1)                New South Wales or Victoria transfers either or both of Water Savings and Water Entitlements to an Environmental Entitlement; and

             (2)                the source of that water is from a valley for which the Commission maintains a valley account,

New South Wales or Victoria (as the case may be) must notify the Commission of the volume and reliability of the entitlement required to be added to the relevant valley account to generate the Environmental Entitlement.

       18.                Long Term Diversion Caps

          (1)                Prior to New South Wales or Victoria transferring either or both of Water Savings and Water Entitlements to an Environmental Entitlement, the relevant State must calculate the equivalent volume by which its Long Term Diversion Cap must be reduced.

          (2)                If New South Wales or Victoria transfers either or both of