Electricity Reform Act 2012

The Treasurer, while the shareholding Ministers are the shareholders in relation to Aurora Energy, may sell all or part of the retail business of Aurora Energy or a subsidiary of Aurora Energy.

The Treasurer may only sell all, or part, of the retail business under subsection (1) if a motion that approves the proposed sale is passed by at least two-thirds of the members of each House of Parliament.

A sale under this section is to be on the terms the Treasurer thinks fit.

For the purposes of a sale under this section, the Treasurer may do any or all of the following:enter into contracts; transfer shares in a subsidiary of Aurora Energy that holds any retail business; transfer or novate any contracts held by Aurora Energy or a subsidiary of Aurora Energy as part of any retail business; amend, in any manner agreed between the parties to the contract, a contract made for the purposes of this section; do any other thing that the Treasurer considers necessary or convenient to effect the sale.

In exercising a power of sale under this section, the Treasurer is to have regard to achieving a fair and reasonable price.

The net proceeds of a sale under this section are to be paid into the Public Account.