Victorian Bills Victorian Bills[Index] [Search] [Download] [Related Items] [Help]
This is a Bill, not an Act. For current law, see the Acts databases.
PARLIAMENT OF VICTORIA
Electricity Industry (Loy Yang B) Act 1997
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1. Purpose 1
2. Commencement 2
3. Principal Act 2
PART 2--AMENDMENT OF PRINCIPAL ACT 3
4. Definitions 3
5. Loy Yang mine 3
6. Rates on Loy Yang land 4
7. New section 62A inserted 4
62A. Further allocation of property rights and liabilities 4
8. Amendment of Part 5 6
9. New section 66A inserted 6
66A. Property transferred to other persons 6
10. Further amendment of Part 5 7
11. New section 153UA inserted 8
153UA. Loy Yang B transaction 8
12. Freedom of Information 9
13. Amendment of tariff order 9
14. New section 158BA inserted 9
158BA. Power to regulate certain changes 9
PART 3--AMENDMENT OF OTHER ACTS 11
15. Loy Yang B Act 1992 11
16. State Electricity Commission Act 1958 11
NOTES 12
i
531189B.I1-8/4/97
PARLIAMENT OF VICTORIA
A BILL
to facilitate the sale of the Loy Yang B power station, to amend the
Electricity Industry Act 1993, the State Electricity Commission
Act 1958 and the Loy Yang B Act 1992 and for other purposes.
Electricity Industry (Loy Yang B) Act
1997
The Parliament of Victoria enacts as follows:
PART 1--PRELIMINARY
1. Purpose
The purpose of this Act is to facilitate the sale of
the Loy Yang B power station.
1
531189B.I1-8/4/97
Electricity Industry (Loy Yang B) Act 1997
s. 2
Act No.
2. Commencement
(1) This Part comes into operation on the day on
which this Act receives the Royal Assent.
(2) The remaining provisions of this Act come into
operation on a day or days to be proclaimed.
3. Principal Act
No. 130/1993. In this Act, the Electricity Industry Act 1993 is
Reprint No. 2
called the Principal Act.
as at 24 April
1996. Further
amended by
Nos 4/1996,
8/1996 and
48/1996.
_______________
2
531189B.I1-8/4/97
Electricity Industry (Loy Yang B) Act 1997
s. 4
Act No.
PART 2--AMENDMENT OF PRINCIPAL ACT
4. Definitions
(1) In section 3(1) of the Principal Act insert--
' "allocation day" means the day specified in a
statement under section 62A(1);
"Loy Yang B land" means the land shown
hatched on the plan in Schedule 2 to the Loy
Yang B Act 1992;
"LYB Transaction Implementation
Agreement" means the transaction
implementation agreement dated 29 March
1997 entered into between SEC, Edison
Mission Energy Australia Limited, Loy
Yang B Power Station Pty Ltd, Loy Yang
Power Ltd, the Treasurer, Leanne Power Pty
Ltd and Edison Mission Energy;'.
(2) In section 3(1) of the Principal Act--
(a) in the definition of "transferred property",
after "SEC company" insert ", a person or
persons nominated by the Minister under
section 62A";
(b) in the definition of "transferee" after "or SEC
company" insert "or a person or persons
nominated by the Minister under section
62A".
5. Loy Yang mine
In the Principal Act--
(a) in section 11, sub-section (3) is repealed;
(b) in section 12A, sub-section (3) is repealed;
3
531189B.I1-8/4/97
Electricity Industry (Loy Yang B) Act 1997
s. 6
Act No.
(c) in section 12A(4), paragraph (b) is repealed;
(d) in section 47A, sub-sections (15), (16), (17)
and (18) are repealed.
6. Rates on Loy Yang land
(1) After section 46(1A) of the Principal Act insert--
"(1B) The Loy Yang B land is rateable land and an
agreement under section 27 of the Loy Yang
B Act 1992 in force immediately before the
commencement of section 6 of the
Electricity Industry (Loy Yang B) Act
1997 has effect as if it had been entered into
under section 46(3)(a) of this Act.".
(2) In section 46 of the Principal Act, for sub-section
(4) substitute--
"(4) In determining an amount under sub-section
(3), an arbitrator must have regard to the
methodology by which amounts payable
under an agreement in force under section
27(2)(a) of the Loy Yang B Act 1992
immediately before the commencement of
section 6 of the Electricity Industry Act
1993 were determined.".
7. New section 62A inserted
After section 62 of the Principal Act insert--
'62A. Further allocation of property rights and
liabilities
(1) SEC must give to the Treasurer and the
Minister, within 3 months after the
commencement of section 7 of the
Electricity Industry (Loy Yang B) Act
1997, a statement approved by the Minister
and signed by the Administrator relating to
property, rights and liabilities of SEC as at a
date specified by the Minister and allocating
4
531189B.I1-8/4/97
Electricity Industry (Loy Yang B) Act 1997
s. 7
Act No.
that property, those rights and those
liabilities on a specified day to a person or
persons nominated by the Minister.
(2) A statement under sub-section (1) must not
allocate--
(a) any excluded property, other than the
property, or rights and liabilities under
the property, referred to in Part B of
Schedule 3;
(b) financial obligations;
(c) rights in respect of financial
obligations;
(d) any property, rights or liabilities
declared by the Minister in writing
given to SEC to be exempt property,
rights and liabilities for the purposes of
this section.
(3) If a statement under this section is approved
by the Treasurer and the Minister--
(a) the Treasurer and the Minister must
sign the statement; and
(b) the statement is an allocation statement
for the purposes of this Act.
(4) The Treasurer and the Minister may at any
time direct SEC to amend a statement given
to them under this section as specified in the
direction.
(5) An allocation statement under this section
may be amended in writing by the Treasurer
and the Minister.
(6) A direction under sub-section (4) or an
amendment under sub-section (5) that would
affect a person or persons nominated by the
Minister under sub-section (1) must not be
5
531189B.I1-8/4/97
Electricity Industry (Loy Yang B) Act 1997
s. 8
Act No.
given or made unless that person or those
persons are, or are wholly owned by, the
State or a statutory authority.
(7) In this section, "statement" and "allocation
statement" include a statement or allocation
statement amended in accordance with this
section.'.
8. Amendment of Part 5
In section 63 of the Principal Act--
(a) in sub-section (1), after "so specified" insert
"or person or persons";
(b) in sub-section (1)(b), after "appointed day"
(where twice occurring) insert "or allocation
day, as the case requires";
(c) in sub-section (1)(b), after "company" insert
"or person or persons";
(d) in sub-section (3)(b), after "SEC company"
insert ", person or persons specified in an
allocation statement".
9. New section 66A inserted
After section 66 of the Principal Act insert--
"66A. Property transferred to other persons
On the allocation day--
(a) all property and rights of SEC,
wherever located, that are allocated
under the statement to a person or
persons nominated by the Minister
under section 62A vest in that person or
those persons;
6
531189B.I1-8/4/97
Electricity Industry (Loy Yang B) Act 1997
s. 10
Act No.
(b) all liabilities of SEC, wherever located,
that are allocated under the statement to
a person or persons nominated by the
Minister under section 62A become
liabilities of that person or those
persons.".
10. Further amendment of Part 5
(1) In the Principal Act--
(a) in section 67, after "SEC company" (where
first occurring) insert ", other person or
persons";
(b) in section 67(d), after "SEC company" insert
", person or persons";
(c) in section 68, for "of transferred property as
at the appointed day" substitute "or person
or persons nominated by the Minister under
section 62A of transferred property as at the
appointed day or allocation day, as the case
requires,";
(d) in section 69, after "SEC company" insert
'or other person or persons ("the new
party")';
(e) in section 69(a) and (b)--
(i) for "corporation or company"
substitute "new party";
(ii) after "appointed day" insert "or
allocation day, as the case requires";
(f) in section 70, after "appointed day" insert
"or allocation day, as the case requires";
(g) in section 71, after "appointed day" (where
twice occurring) insert "or allocation day, as
the case requires";
7
531189B.I1-8/4/97
Electricity Industry (Loy Yang B) Act 1997
s. 11
Act No.
(h) in section 72, after "appointed day" (where
twice occurring) insert "or allocation day, as
the case requires";
(i) in section 73(3) after "SEC company
concerned" insert ", or other person or
persons";
(j) in section 74(a) and (b), after "SEC
company" insert "or person or persons
nominated by the Minister under section
62A";
(k) in section 76(1)--
(i) after "or SEC company" insert "or
person or persons nominated by the
Minister under section 62A";
(ii) in paragraph (a), after "or company"
insert "or person or persons nominated
by the Minister under section 62A".
11. New section 153UA inserted
After section 153U of the Principal Act insert--
"153UA. Loy Yang B transaction
The Treasurer, on behalf of the Government
of Victoria, is deemed to have been
authorised to enter into, and may give effect
to, the LYB Transaction Implementation
Agreement and may enter into and give
effect to all transactions referred to or
contemplated in the LYB Transaction
Implementation Agreement, including the
sale of the interest in the Loy Yang B Power
Station held by Loy Yang B Power Station
Pty Ltd.".
8
531189B.I1-8/4/97
Electricity Industry (Loy Yang B) Act 1997
s. 12
Act No.
12. Freedom of Information
After section 153X(b) of the Principal Act
insert--
"or
(c) the terms of the LYB Transaction
Implementation Agreement or the
transactions referred to or contemplated in
that Agreement.".
13. Amendment of tariff order
(1) In section 158C of the Principal Act--
(a) before "On or after" insert "(1)";
(b) in paragraph (a), after "(a)" insert "except as
provided in sub-section (2)".
(2) At the end of section 158C insert--
"(2) The Governor in Council, by Order
published in the Government Gazette, may
amend or vary an Order in force under
section 158A in accordance with the
recommendation in writing of the Treasurer
that it is necessary or desirable to make the
Order as a consequence of SEC ceasing to
purchase electricity under the Power Supply
Agreement within the meaning of the State
Agreement set out in Schedule 1 to the Loy
Yang B Act 1992.".
14. New section 158BA inserted
After section 158B of the Principal Act insert--
"158BA. Power to regulate certain changes
(1) The Governor in Council, by Order
published in the Government Gazette, may
regulate, in such manner as the Governor in
Council sees
9
531189B.I1-8/4/97
Electricity Industry (Loy Yang B) Act 1997
s. 14
Act No.
fit, the price payable for electricity
purchased from time to time under the pool
rules for the purpose of--
(a) reducing the price payable by SEC for
electricity purchased by SEC to satisfy
its obligations under the agreements,
contracts and deeds referred to in Part
A of Schedule 3; and
(b) increasing the price payable by persons
other than SEC for electricity
purchased under the pool rules during a
period so that the total amount payable
for the volume of electricity purchased
by those persons during that period is
increased by an amount that is
approximately the same as the amount
of the reduction under paragraph (a) as
applied to the volume of electricity
purchased by SEC during that period.
(2) An Order under sub-section (1)--
(a) may specify different prices, or
different methods of determining
prices, to be payable or applicable to
different persons purchasing electricity
under the pool rules; and
(b) may provide that the pool rules apply as
modified by the Order from the date
specified in the Order.".
_______________
10
531189B.I1-8/4/97
Electricity Industry (Loy Yang B) Act 1997
s. 15
Act No.
PART 3--AMENDMENT OF OTHER ACTS
15. Loy Yang B Act 1992
In the Loy Yang B Act 1992--
(a) in section 21, sub-section (1) is repealed.
(b) section 27 is repealed.
16. State Electricity Commission Act 1958
Section 108A of the State Electricity
Commission Act 1958 is repealed.
11
531189B.I1-8/4/97
Electricity Industry (Loy Yang B) Act 1997
Notes
Act No.
NOTES
By Authority. Government Printer for the State of Victoria.
12
531189B.I1-8/4/97
[Index] [Search] [Download] [Related Items] [Help]