(1) On and after 1 July 2014, the existing terms:
(a) to the extent that they are a customer contract under section 47 of the Water Supply and Sewerage Services Act – continue to apply to P&WCorp; and
(b) to the extent that they are standard terms and conditions under section 91 of the Electricity Reform Act:
(i) cease to apply to P&WCorp; and
(ii) apply to RetailCorp in the same way as they would, but for this regulation, have applied to P&WCorp.
(2) In this regulation:
"existing terms "means the contractual terms and conditions in force immediately before 1 July 2014 as both:
(a) its standard terms and conditions published in the Gazette under section 91 of the Electricity Reform Act ; and
(b) its customer contract under section 47 of the Water Supply and Sewerage Services Act .