Competition and Consumer Act 2010

A gas market code may include rules about the terms on which a gas market participant offers to supply or acquire, agrees to supply or acquire or supplies or acquires a gas commodity, including rules about any of the following matters:

how such a term is expressed;

fees payable in relation to such an offer, agreement, supply or acquisition;

terms (including terms relating to price) specified in an expression of interest relating to supplying or acquiring a gas commodity.

A gas market code may include rules about the price at which a gas market participant offers to supply or acquire, agrees to supply or acquire or supplies or acquires a gas commodity, including the following:

rules setting a price;

rules setting a maximum price;

rules setting a minimum price;

rules setting a maximum and a minimum price;

rules requiring a price to be reasonable;

rules about the matters that, for the purposes of a gas market code, must, may or must not be taken into account in determining whether a price is reasonable;

rules about determining a price, including matters taken into account in determining a price;

rules about how a price is expressed.

A gas market code may confer on the Minister, the Commission or any other person or body the function of setting a price: see section 53ZB.

Rules of the kind mentioned in this subsection may:

refer to the prices of any gas commodity inside or outside Australia or any published information about any market; or

require a price to be equal to the amount worked out by using a specified formula or method.

To avoid doubt, a gas market code may include rules requiring a gas market participant not to offer to supply or acquire, not to agree to supply or acquire or not to supply or acquire a gas commodity if rules of the kind mentioned in subsection (1) or (2) are not complied with in relation to the offer, agreement, supply or acquisition.