Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Final step in setting regulatory rules

Final step in setting regulatory rules

The Commerce Commission has set input methodologies that will apply to electricity distribution businesses, Transpower, gas pipeline businesses and specified airport services under Part 4 of the Commerce Act.

This is a significant milestone for the Commission and the regulated businesses. Input methodologies are the rules, processes and requirements applying to regulation under Part 4 of the Act. Input Methodologies promote certainty for the suppliers of regulated services about the effect of regulation on them. Increased regulatory certainty is critical for fostering efficient investment.

“This work is important as it will directly affect essential infrastructure central to New Zealand’s future economic prosperity,” said Commission Chair Dr Mark Berry. “It is about promoting the long-term interests of consumers. This includes ensuring that there are appropriate incentives to invest and appropriate constraints on excess profits.”

“The release of the final determinations is the culmination of a major consultation which began in December 2008. We have been very impressed with the level of engagement from the regulated businesses throughout the consultation process,” said Dr Berry. “The Commission has also been greatly supported by advice from independent experts in a range of fields, including those experts provided by regulated parties.”

“This has been a challenging exercise. We have been working with new and untested legislation, and there is no single ‘right’ answer to some of the issues. Although we have looked at regulatory regimes in other countries for guidance, there are significant differences between the New Zealand and overseas regimes. Ultimately, our key touchstone has been the purpose statement for Part 4, which is itself unique,” said Dr Berry.

Input methodologies can be accessed on the Commerce Commission’s website at www.comcom.govt.nz/input-methodologies

Following the publication of the determinations, interested parties are able to lodge a merits review appeal of the Commission’s determinations in the High Court.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Taxing Multinationals: Next Step To Improve System

New legislation to improve the fairness of the tax system and prevent large multinationals from exploiting rules in order to shift their profits offshore has passed another step closer to becoming law. More>>

A Fuel And His Money: Petrol Prices Hit Records

The cost of 91 octane in Wellington and the South Island hit $2.30 a litre last week, beating the previous high set in 2013. Crude oil prices have been rising globally while the New Zealand dollar has fallen, making the cost of fuel more expensive. More>>

ALSO:

NZentry: EU And NZ To Start Free Trade Talks

A free trade deal between New Zealand and the European Union (EU) has taken a major step forward with the announcement overnight that the EU’s Foreign Affairs Council has approved its negotiating mandate. More>>

ALSO:

You'd Hope: Employers Told To Pay Minimum Wage

Advertisers offering jobs to backpackers are being told they must pay the minimum wage or risk prosecution. Last week, RNZ revealed a job website - Backpackerboard - was advertising roles below the $16.50 per hour minimum wage. More>>

ALSO:

Still Gaining: More Migrants Head Back Overseas

Annual net migration is down 4,800 from a high point a year ago, largely because more non-New Zealand citizens are leaving the country, Stats NZ said today. More>>

Christchurch: Red Zone Used To Boost Endangered Bee Population

“May 20 has been declared World Bee Day by the United Nations, and I am pleased to announce today that we have been able to use the red zone to protect and grow our native bee stocks,” says Minister Megan Woods. More>>

Trips, Support, Conferences For Agents: Insurers Spend $34 Million On Soft Commissions

“We are concerned that insurers are designing and offering incentives that potentially set advisers up to fail in complying with their obligations.” More>>

ALSO: