The Australian Competition and Consumer Commission has issued a determination that authorises amendments to agreements about electricity generated by the Gladstone Power Station and supplied to the Boyne Island Smelter and the National Electricity Market (the GPS Agreements). The ACCC grants authorisation until 29 March 2029, coinciding with the term of the GPS Agreements.
The original GPS Agreements were authorised by the ACCC in 1994. The participants in the Gladstone Power Station Joint Venture have applied for authorisation to amend these agreements to comply with the National Electricity Law and the National Electricity Rules.
"The ACCC considers that the amendments are likely to deliver public benefits by providing a mechanism for the Gladstone Power Station to continue to obtain a secure, reliable and cost effective supply of power to the Boyne Island Smelter," ACCC chairman Graeme Samuel said. "This in turn is likely to contribute to the value of exports and the development of the Australian economy.
"The amendments are also likely to facilitate the supply of electricity into the National Electricity Market and enhance the flexibility of Stanwell (the nominated generator) to use the Gladstone Power Station to participate in the National Electricity Market."
The ACCC's determination will be available from the ACCC website, www.accc.gov.au/AuthorisationsRegister.
Authorisation provides immunity from court action for conduct that might otherwise raise concerns under the competition provisions of the Trade Practices Act 1974. Broadly, the ACCC may grant an authorisation when it is satisfied that the public benefit from the conduct outweighs any public detriment.