Document ID: chunk:federal_register_of_legislation:F2023L01730:reg:4:p1
Version: federal_register_of_legislation:F2023L01730
Segment Type: reg
Provision Reference: reg 4 (pt 1/2)
Character Range: 2532–5358

4  Definitions
Note: A number of expressions used in this instrument are defined in the Code, including the following:
(a) buyer gas final offer;
(b) covered supplier;
(c) gas EOI;
(d) gas final offer;
(e) gas initial offer;
(f) regulated gas.
  In this instrument:
ABN means an Australian Business Number.

       ACN means an Australian Company Number.

       Australian market supply condition means an Australian market supply condition for land under the Petroleum and Gas (Production and Safety) Act 2004 (Qld).

       annual contract quantity means the quantity of regulated gas to be supplied under an agreement in a calendar year.

       basin means a large geological area holding a thick accumulation of sedimentary rock.

       base quarter means the initial quarter used in a base year to escalate the price using Consumer Price Index.

       base year means the initial year used to escalate the price using Consumer Price Index.

       buyer means a person supplied with, or who may be supplied with, regulated gas from a covered supplier.
Note: A buyer could include gas retailers, commercial and industrial users, and gas powered generators.

       buyer gas initial offer: an offer of basic terms forming the basis of negotiations for the purposes of entering into a binding agreement for the person making the offer to be supplied with regulated gas is a buyer gas initial offer if acceptance of the offer does not result in the entering into of such an agreement (but may lead to negotiations for the purposes of entering into such an agreement).
Note: A buyer gas initial offer is an offer made by the person who will be supplied with regulated gas. A gas initial offer (within the meaning of the Code) is an offer made by a person who will be supplying regulated gas.

       buyer gas offer means:
 (a) a buyer gas initial offer; or
 (b) a buyer gas final offer.
Code means the Competition and Consumer (Gas Market Code) Regulations 2023.
commodity means a raw material or product.
commodity linked slope means the percentage of a commodity-based price indicator which is used to calculate the price of regulated gas.
Consumer Price Index means a measure of changes, over time, in retail prices of a constant basket of goods and services representative of consumption expenditure by resident households in Australian metropolitan areas.
currency terms means the medium of exchange of value expressed as the monetary denomination of a country.

       fixed price component for regulated gas means the part of a pricing formula for the regulated gas that remains constant.

       joule means a unit of energy in the International System of Unit.

       load factor means the ratio of the annual aggregate of the maximum daily quantity and the annual contract quantity.

       measurement period