New Zealand Legislation: Regulations

11 Liability to pay levy for under-recoveries for 2008/09 financial year

• (1) Every gas retailer who is an industry participant on 1 July 2009 must pay to GIC a levy for the amount under-recovered for the 2008/09 financial year.

  (2) The levy rate is 8.4 cents for each complete gigajoule of gas that was allocated to the industry participant in the initial allocations under rule 48 of the Gas (Downstream Reconciliation) Rules 2008 for the 6 consumption periods in the period of October 2008 to March 2009.