(1) A regulation may exempt a class of utility service from this Act if, after consulting the ICRC and having regard to the matters in subsection (2), the Minister is satisfied on reasonable grounds that—
(a) the class of utility service is, either—
(i) adequately regulated under another law applying in the ACT; or
(ii) not required to be regulated; and
(b) exempting the class of utility service will not significantly impede the ICRC achieving its objects under section 3.
(2) For subsection (1), the Minister must have regard to the following:
(a) the nature and kind of utility service;
(b) the level of risk of—
(i) a utility service in the class failing; or
(ii) a utility failing to provide a utility service in the class in a safe, reliable and effective way;
(c) the consequences for consumers, public safety and the environment if—
(i) a utility service in the class were to fail; or
(ii) a utility were to fail to provide a utility service in the class in a safe, reliable and effective way.