Government Owned Corporations (Pumped Hydro Energy Storage Restructure) Regulation 2022 (Qld)

Government Owned Corporations (Pumped Hydro Energy Storage Restructure) Regulation 2022

1 Short title This regulation may be cited as the Government Owned Corporations (Pumped Hydro Energy Storage Restructure) Regulation 2022.

2 Purpose The purpose of this regulation is to make provision for the following matters under section 161 of the Act— (a) to transfer particular assets, liabilities, instruments and employees of Powerlink to the pumped hydro entity; (b) to make the pumped hydro entity successor in law in relation to particular assets, liabilities and instruments of Powerlink; (c) to ensure Powerlink remains liable for particular proceedings and liabilities; (d) to provide for matters incidental to the purposes mentioned in paragraphs (a) to (c).

3 Dictionary The dictionary in schedule 1 defines particular words used in this regulation.

4 Transferring assets (1) This section applies if, immediately before the commencement, a transfer schedule identifies an asset of Powerlink. (2) The asset is transferred to the pumped hydro entity on the commencement. (3) Powerlink and the pumped hydro entity must do all things necessary to enable the transfer of the asset under subsection (2). (4) For the purpose of accounting— (a) Powerlink must treat— (i) the transfer of the asset to the pumped hydro entity as an acquisition of an ownership interest in the pumped hydro entity; and (ii) the value of the asset as being the value of the asset as recorded in the accounts of Powerlink for the last day before the commencement; and (b) the pumped hydro entity must treat— (i) the transfer of the asset to the pumped hydro entity as a contribution by an owner that is to be considered as an increase in contributed equity; and (ii) the value of the asset as being the value of the asset as recorded in the accounts of Powerlink for the last day before the commencement.