Electricity Supply Industry Act 1995

The Regulator must approve – a type of contract relating to managing the financial risks associated with the purchase of electricity supplied, or to be supplied, to an authorised retailer in the national electricity market; and a standard form, or standard forms, in relation to the type of contract specified in the approval; and a methodology for the calculation of prices in contracts that are in a standard form specified in the approval; and a total period, in contracts that are in a standard form specified in the approval, for which an authorised retailer may elect to have such a contract apply to prices for electricity; and a formula, rules or methodology for determining the minimum total quantity of units of electricity in respect of the type of contract specified in the approval.

For the avoidance of doubt, a formula, rules or methodology approved under subsection (1)(e) may take into account contracts, relating to the management of financial risks, entered into in Tasmania by the Hydro-Electric Corporation that are not in an approved standard form.

The Regulator must, in an approval under subsection (1), declare to be an approved type of contract a load following swap contract.

The Regulator may revoke an approval under subsection (1).

Without limiting subsection (4), the Regulator may revoke an approval under subsection (1) if the Regulator is of the opinion that the approval has ceased to reflect any of the principles specified in section 43H.

The regulations may make provision in relation to – the approval by the Regulator of matters under subsection (1); and the revocation of an approval made under subsection (1); and the charging to an electricity entity of costs incurred by the Regulator in exercising the Regulator's powers under this Division or regulations for the purposes of this Division.

If regulations are made in relation to the making of approvals or revocation under this section, such approvals or revocations must be made in accordance with the regulations.

If the Regulator makes or revokes an approval under this section – the Regulator is to provide a copy of the approval or revocation to the Hydro-Electric Corporation and each authorised retailer that retails electricity in the State; and the Regulator is to publish a copy of the approval or revocation on a website of the Regulator and to ensure such a copy remains on the website – while the approval remains in force; or in the case of a revocation of an approval, for at least 6 months after the revocation comes into force.

An approval under subsection (1) remains in force for the period determined in accordance with the regulations.

The making of an approval under subsection (1) or a revocation under subsection (4) of such an approval does not affect the validity or operation of a contract, in an approved standard form, that was entered into before the approval or revocation came into force.