Document ID: chunk:federal_register_of_legislation:F2023L00994:reg:29
Version: federal_register_of_legislation:F2023L00994
Segment Type: reg
Provision Reference: reg 29
Character Range: 48985–51544

29  Reasonable price
 (1) For the purposes of this Division:
 (a) the price mentioned in subsection (2) is taken to be a reasonable price for regulated gas; and
 (b) a price for regulated gas that exceeds the price mentioned in subsection (2) is taken to exceed a reasonable price for regulated gas.
 (2) The price is:
 (a) unless paragraph (b) applies—$12 per gigajoule; or
 (b) if the Commission makes a determination under subsection (3)—the price for regulated gas specified in the determination.
 (3) The Commission may, by legislative instrument, make a determination specifying a price for regulated gas that the Commission considers is a reasonable price for regulated gas.
 (4) Before making a determination under subsection (3), the Commission must consult with the public about the reasons why the Commission considers a price specified by the Commission to be a reasonable price for regulated gas.
 (5) In making a determination under subsection (3), the Commission must take into account comments made in consultations under subsection (4).
 (6) In making a determination under subsection (3), the Commission may take into account any of the following matters:
 (a) the extent to which the determination would promote the following:
 (i) a workably competitive market for regulated gas in the parts of Australia to which this Part applies (see section 9);
 (ii) the affordability and availability of regulated gas in those parts of Australia;
 (iii) the sufficiency or adequacy of investment in, and production of, regulated gas to meet demand in those parts of Australia;
 (b) the effect or expected effect of other related decisions or government policies;
 (c) any other matter the Commission considers relevant.
 (7) The Commission cannot make a determination under subsection (3) within the period of 2 years starting after the commencement of this instrument, unless:
 (a) the Commission considers that there has been a substantial change in market conditions for regulated gas; or
 (b) the Energy Minister and the Resources Minister jointly notify the Commission in writing that it may do so.
 (8) If the Commission makes a determination under subsection (3) on a day, it cannot make a further determination under subsection (3) within the period of 2 years starting after that day, unless:
 (a) the Commission considers that there has been a substantial change in market conditions for regulated gas; or
 (b) the Energy Minister and the Resources Minister jointly notify the Commission in writing that it may do so.

Part 5—Good faith