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Offshore Renewable Energy Bill

Decommissioning of ORE infrastructure - Obligation to provide Crown with financial security - Process for reaching acceptable financial security arrangement

81: Proposal for financial security arrangement

You could also call this:

"Tell the government how you will pay for any mistakes you make"

Illustration for Offshore Renewable Energy Bill

If you have a financial security obligation, you must propose how you will provide financial security to the Crown. You need to include details like the kind of financial security arrangement you think is appropriate, when it will be in place, who will hold it, and how it will operate. You also need to provide any information the Minister reasonably requires to determine the acceptable financial security arrangement, as outlined in section 83.

You must provide this information in the form and manner prescribed by the regulations. If you are applying for a commercial permit, you need to provide this information as part of your application, as mentioned in section 26(d). If you are a proposed transferee of a commercial permit, you need to provide this information as part of your application for approval of the transfer, as mentioned in section 42(2)(d).

The Minister may specify when you need to provide this information if you are any other person. You should also be aware that there are rules about the use and disclosure of information, which are outlined in section 116.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS992242.

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Part 3Decommissioning of ORE infrastructure
Obligation to provide Crown with financial security: Process for reaching acceptable financial security arrangement

81Proposal for financial security arrangement

  1. A person who has a financial security obligation must—

  2. propose how they will provide financial security to the Crown, including—
    1. the kind of financial security arrangement that the person considers appropriate; and
      1. the proposed time by which the financial security arrangement will be in place; and
        1. who the financial security arrangement will be held by; and
          1. how the financial security arrangement will operate; and
            1. any proposed conditions of the financial security arrangement; and
            2. provide any information reasonably required by the Minister to enable the Minister to determine the acceptable financial security arrangement in accordance with section 83.

              1. The person must provide the information referred to in subsection (1)—

              2. if they are an applicant for a commercial permit, as part of the application (see section 26(d)); and
                1. if they are a proposed transferee of a commercial permit, as part of the application for approval of the transfer (see section 42(2)(d)); and
                  1. if they are any other person, at the time specified by the Minister; and
                    1. in the form and manner prescribed by the regulations.

                      1. See section 116 (which relates to the use and disclosure of information).