The AER's approach to gamma based on utilisation rather than implied market value is not an error of construction under the NER, and the Tribunal's limited merits review function does not extend to substituting its preferred methodology where the AER's approach is consistent with a permissible construction of the Rules.
The full text is available to signed-in members, including the 5 later cases that cite this judgment.
1 of the 5 citing cases carry a classified treatment. How each court treated it is available to signed-in members.