Tamar Valley Power Station Act 2008

Tamar Valley Power Station Act 2008

This Act may be cited as the Tamar Valley Power Station Act 2008.

This Act commences on the day on which this Act receives the Royal Assent.

The purposes of this Act are to –

provide for Aurora Energy and any subsidiary of Aurora Energy to acquire and take a transfer of shares in the Company and assets, rights or liabilities related to the Tamar Valley Project; and provide for the future sale of shares in the Company and assets, rights or liabilities related to the Tamar Valley Project; and amend the Government Business Enterprises Act 1995 to allow the transfer of assets and liabilities between Government businesses.

In this Act, unless the contrary intention appears –

asset has the same meaning as in section 10A of the Government Business Enterprises Act 1995;

Aurora Energy means Aurora Energy Pty Ltd (ABN 85 082 464 622);

Babcock and Brown Power means Babcock and Brown Power Limited (ABN 67 116 665 608);

Bell Bay Power Station means the two existing 120 megawatt gas-fired thermal generating units with steam turbines located at Bell Bay;

Company means Alinta Energy (Tamar Valley) Pty Ltd (ABN 29 123 391 613);

liability has the same meaning as in section 10A of the Government Business Enterprises Act 1995;

members of Aurora Energy means the Minister and the Treasurer;

Minister means the Minister administering the Energy Co-ordination and Planning Act 1995;

right has the same meaning as in section 10A of the Government Business Enterprises Act 1995;

subsidiary has the same meaning as in the Corporations Act;

Tamar Valley Power Station means the power station to be constructed by the Company, including the planned new 203 megawatt combined cycle gas turbine, the three existing 35 megawatt open cycle gas turbines, the planned new 60 megawatt open cycle gas turbine and all ancillary plant, equipment and facilities;

Tamar Valley Project means the Tamar Valley Power Station, the Bell Bay Power Station, the land on which the Tamar Valley Power Station and the Bell Bay Power Station are located and all ancillary plant, equipment and facilities.

The members of Aurora Energy may give written directions to Aurora Energy requiring the Board of Aurora Energy to do all things necessary to enable Aurora Energy or a subsidiary of Aurora Energy to purchase, and take a transfer from Babcock and Brown Power and its subsidiaries of, all or any of the following:shares in the Company; assets, rights or liabilities related to the Tamar Valley Project.

The Board of Aurora Energy must comply with any direction given under subsection (1).

Any tax, duty, fee or charge under any law of Tasmania is not payable in respect of the purchase by Aurora Energy or any subsidiary of Aurora Energy, or the transfer to Aurora Energy or any subsidiary of Aurora Energy, of any shares in the Company or any assets, rights or liabilities related to the Tamar Valley Project.

Notwithstanding anything in the Electricity Companies Act 1997, on the purchase by Aurora Energy or any subsidiary of Aurora Energy, or the transfer to Aurora Energy or any subsidiary of Aurora Energy, of any shares in the Company or any assets, rights or liabilities related to the Tamar Valley Project, Aurora Energy, that subsidiary and the Company may have as one or more of their purposes the activity of generation of electricity using the assets of the Tamar Valley Project.

Subject to the approval of the members of Aurora Energy, Aurora Energy and any subsidiary of Aurora Energy may sell or transfer its shares in the Company and any assets, rights or liabilities related to the Tamar Valley Project.

The members of Aurora Energy may give written directions to the Board of Aurora Energy requiring Aurora Energy to sell or transfer, or to require a subsidiary of Aurora Energy to sell or transfer, its shares in the Company or any assets, rights or liabilities related to the Tamar Valley Project.

The Board of Aurora Energy must comply with any direction given under subsection (1).

The provisions of the Electricity Companies Act 1997 do not apply in relation to the sale or transfer by Aurora Energy or any subsidiary of Aurora Energy of any shares in the Company or any assets, rights or liabilities related to the Tamar Valley Project.

The members of Aurora Energy may by special resolution alter, add to or omit a provision of the constitution of Aurora Energy in order to reflect the purpose referred to in section 6, and that resolution has immediate effect in accordance with its terms notwithstanding the provisions of the Electricity Companies Act 1997.

Aurora Energy is to return to the Public Account the net proceeds from the sale of any shares in the Company or any assets, rights or liabilities related to the Tamar Valley Project.

In this Part, the Government Business Enterprises Act 1995 is referred to as the Principal Act.

The amendments effected by this Part have been incorporated into the authorised version of the Government Business Enterprises Act 1995.