Victorian Numbered Acts

NATIONAL ENERGY RETAIL LAW (VICTORIA) ACT 2024 (NO. 18 OF 2024) - SECT 26

For Division 8 of Part 2 of the Electricity Industry Act 2000 substitute —

" Division 8—Victorian specific retailer of last resort processes

        49A     Definitions

In this Division—

"failed national retailer" means a failed retailer that is a national retailer;

"retailer authorisation "means a retailer authorisation within the meaning of the National Energy Retail Law (Victoria) that authorises the holder to sell electricity;

"RoLR notice" has the same meaning as in section 122 of the National Energy Retail Law (Victoria).

        49B     Effect of issue of RoLR event on licence held by a failed national retailer

    (1)     This section applies if the AER issues a RoLR notice for a failed national retailer because of the occurrence of an event or circumstance described in paragraph (b)(i) or (ii), (c)(i), (ii) or (iii), (d), (e), (f)(i), (ii), (iii) or (iv) or (g) of the definition of RoLR event (a specified RoLR event ).

    (2)     If the AER revokes, under section 142 of the National Energy Retail Law (as it applies a law of a participating jurisdiction other than Victoria), the retailer authorisation held by the failed national retailer at the same time as it issues the RoLR notice, the retail licence held by the failed national retailer is, despite this Act, revoked, by force of this section, at the same time as the revocation of the retailer authorisation takes effect.

    (3)     If the AER does not revoke, under section 142 of the National Energy Retail Law (as it applies a law of a participating jurisdiction other than Victoria), the retailer authorisation held by the failed national retailer, the Commission must not revoke the retail licence held by the failed national retailer if the specified RoLR event would also constitute a ground on which to revoke the licence.

    (4)     The AER must, without delay, notify the Commission of the AER's decision whether to revoke the retailer authorisation.

        49C     Certain information to be provided to AER and AEMO by the Commission

The Commission must, without delay, notify the AER and AEMO of any event, circumstance or matter of which the Commission is aware and which—

        (a)     it has reason to believe—

              (i)     might be, is or may be at some time in the future an event, circumstance or matter that may or will affect a retailer's ability to maintain continuity of the sale of electricity to its customers; or

              (ii)     gives rise to some risk of affecting a retailer's ability to maintain continuity of the sale of electricity to its customers; or

        (b)     gives rise to, or gives rise to some risk of, a RoLR event.".

Division 2—Amendment of Gas Industry Act 2001