43G   Transmission operator’s levy

(1)  A transmission operator must pay to the Treasurer, in respect of each financial year, the levy determined in respect of that year by order of the Governor, on the recommendation of the Treasurer, applying to the transmission operator and published in the Gazette.

(2)  The Treasurer, in recommending the amount of a levy for a financial year payable by a transmission operator, must be satisfied that the amount reasonably represents the amount by which the network income (as estimated by the Treasurer) of the transmission operator in that year is likely to exceed the sum of the amounts (as estimated by the Treasurer) to be:

(a)  the costs of deriving the income, and

(b)  the taxes payable in deriving that income, and

(c)  a reasonable return on the capital of the transmission operator used in deriving that income,

      having regard to:

(d)  the likely consumption of electricity in that financial year by its direct customers, and

(e)  such other matters as the Treasurer determines after consultation with the transmission operator.

(3)  The levy is payable for the financial year commencing on 1 July 1998 and later financial years.

(4)  Despite the other provisions of this section, no levy is to be determined in respect of the year commencing on 1 July 2001, or any subsequent year, unless the Treasurer, by order published in the Gazette, approves the determination of a levy.

(5)  An approval of the Treasurer under subsection (4):

(a)  must be published in the Gazette before the beginning of a year to which it applies, and

(b)  may apply to one or more years as specified or described in the approval.