✨ Derogation Approval Terms
2680 NEW ZEALAND GAZETTE, No. 93 5 JULY 2011
16
- COSTS AND COMPENSATION
11.1 Costs: Each party shall bear its own costs in relation to the negotiation and preparation of this agreement.
11.2 Compensation: Compensation payable by a person to Meridian in accordance with clause 10.4 shall be paid annually in arrears in each remaining calendar year, or part thereof, in the Term. The amount payable shall be calculated as the total value of generation lost to Meridian in each calendar year, or part thereof, in the Term (each an "Applicable Year") as a result of that Derogation being granted in accordance with the following formula:
Compensation = P x G
pa
where:
P = the average market prices quoted by ASX in respect of each Applicable Year or part thereof (or, for years for which ASX prices are not available, on the mid-point of the MED Price Path, or if that is not available, an alternative publicly referenced price path as agreed between the parties);
and
G
pa = the gigawatt hours as agreed between the parties that Meridian will lose in each Applicable Year or part thereof as a result of the Derogation being granted.
If the parties are unable to agree an alternative publicly referenced price path, or on the amount of compensation payable (including the gigawatt hours that Meridian will lose), that amount shall be determined by an expert in accordance with section 15.
- SHARING OF RIGHTS AND LIABILITY UNDER STAKEHOLDER AGREEMENTS
12.1 If, pursuant to a direction given pursuant to s124(4)(c) of the Electricity Industry Act 2010, Genesis Energy is or becomes a party to:
(a) an agreement between Meridian and Her Majesty The Queen acting by and through the Director-General of Conservation, dated September 2006, entitled "Compensatory funding agreement" or any replacement for such agreement;
(b) the MIC Agreement;
(c) an agreement between Meridian and Mackenzie Irrigation Company Limited, undated, entitled "Agreement in relation to stock water" or any replacement for such agreement;
(d) a head agreement between Electricity Corporation of New Zealand Limited and twelve other parties dated 26 November 1990, entitled "Agreement to Electricity Corporation’s water rights" or any replacement for such agreement;
(e) any other agreement referred to as an "existing agreement" under the Electricity Industry Act 2010; or
(f) any replacement for any agreement referred to in (a) to (e),
and, under that agreement, Meridian’s and Genesis Energy’s rights and obligations are joint, or joint and several (each a "Tripartite Agreement"), as between themselves, each party shall:
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NZ Gazette 2011, No 93
✨ LLM interpretation of page content
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Derogation Approvals for Resource Consents
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🌾 Primary Industries & ResourcesDerogation, Resource Consents, Costs, Compensation, Agreement Terms, Expert Determination