Hydro-Electric Corporation Act 1995 (Tas)

Hydro-Electric Corporation Act 1995

An Act to modernise the legislation under which the Hydro-Electric Corporation (formerly the Hydro-Electric Commission) operates, to provide for it to continue as a Government Business Enterprise operating in the electricity supply industry and to provide for other purposes [Royal Assent 4 October 1995]

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

PART 1 - Preliminary

1. Short title This Act may be cited as the Hydro-Electric Corporation Act 1995 .

2. Commencement The provisions of this Act commence on a day or days to be proclaimed.

3. Interpretation In this Act, unless the contrary intention appears – Corporation means the Hydro-Electric Corporation; Basslink means the interconnection between the electricity grids of the States of Tasmania and Victoria by means of – (a) a high voltage, direct current, submarine cable across Bass Strait; and (b) converter stations in those States; and (c) direct current connecting lines to those converter stations; and (d) alternating current transmission connections to the transmission systems of those States; and (e) related infrastructure; derivative means – (a) an arrangement in relation to which the following conditions are satisfied: (i) under the arrangement a party to the arrangement must, or may be required to, provide at some future time consideration to a person; (ii) the amount or value of that consideration is ultimately determined, derived from or varies by reference to (wholly or in part) the value or amount of something else (of any nature whatsoever and whether or not deliverable), including but not limited to an asset, an interest rate, exchange rate or other rate, an index and a commodity; and (b) anything prescribed in the regulations to be a derivative – but does not include an arrangement or other thing prescribed in the regulations as not being a derivative; electricity infrastructure means anything used for, or in connection with, the generation of electricity including– (a) electricity generating plant; and (b) structures and equipment to hold water, or to direct, monitor or control the flow of water, for the purposes of hydro-electric generation; and (c) (d) (e) equipment for metering, monitoring or controlling electricity; land includes – (a) an estate or interest in land (including an easement); and (b) a right or power over or in respect of land; National Electricity Law is the National Electricity Law established by the National Electricity (South Australia) Act 1996 and adopted by participating jurisdictions, within the meaning of that Law, as a consequence of the National Electricity Market Legislation Agreement dated 9 May 1996 between the States of New South Wales, Victoria, Queensland and South Australia and the Australian Capital Territory; National Electricity Market means the market for wholesale electricity operating under the National Electricity Rules; National Electricity Rules has the same meaning as in the Electricity Supply Industry Act 1995 ; subsidiary has the same meaning as in the Government Business Enterprises Act 1995 ; transmission system has the same meaning as in the Electricity Supply Industry Act 1995 .