Section 53T — Competition and Consumer Act 2010: Terms on which gas commodities are supplied or acquired, including price

(1) A gas market code may include rules about the terms on which a gas market participant offers to supply or acquire, agrees to supply or acquire or supplies or acquires a gas commodity, including rules about any of the following matters: (a) how such a term is expressed; (b) fees payable in relation to such an offer, agreement, supply or acquisition; (c) terms (including terms relating to price) specified in an expression of interest relating to supplying or acquiring a gas commodity. (2) A gas market code may include rules about the price at which a gas market participant offers to supply or acquire, agrees to supply or acquire or supplies or acquires a gas commodity, including the following: (a) rules setting a price; (b) rules setting a maximum price; (c) rules setting a minimum price; (d) rules setting a maximum and a minimum price; (e) rules requiring a price to be reasonable; (f) rules about the matters that, for the purposes of a gas market code, must, may or must not be taken into account in determining whether a price is reasonable; (g) rules about determining a price, including matters taken into account in determining a price; (h) rules about how a price is expressed. Note 1: A gas market code may confer on the Minister, the Commission or any other person or body the function of setting a price: see section 53ZB. Note 2: Rules of the kind mentioned in this subsection may: (a) refer to the prices of any gas commodity inside or outside Australia or any published information about any market; or (b) require a price to be equal to the amount worked out by using a specified formula or method. See subsection 53ZE(3). (3) To avoid doubt, a gas market code may include rules requiring a gas market participant not to offer to supply or acquire, not to agree to supply or acquire or not to supply or acquire a gas commodity if rules of the kind mentioned in subsection (1) or (2) are not complied with in relation to the offer, agreement, supply or acquisition.