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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

82: Matters to be taken into account in determining or altering acceptable financial security arrangement

You could also call this:

"What to consider when deciding on money to secure an offshore renewable energy project"

Illustration for Offshore Renewable Energy Bill

When you are making a decision about money to secure an offshore renewable energy project, you must think about some things. You need to consider the information given about what kind of financial security arrangement is suitable and when it will be in place. You also need to think about the plan to decommission the project and the estimated cost.

You must consider these things when deciding if a proposal is a good financial security arrangement. You can also think about any other things that the regulations say you should consider. When looking at a proposal, you may think about any risks that could affect the person's ability to meet their decommissioning obligations, as mentioned in section 81 and section 83.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS992243.

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

82Matters to be taken into account in determining or altering acceptable financial security arrangement

  1. When making a determination under section 83 or exercising a power under section 84, the Minister must take into account—

  2. the information provided under section 81 about—
    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
      2. the decommissioning proposal; and
        1. the decommissioning cost estimate; and
          1. any other matters prescribed by the regulations.

            1. When deciding whether a proposal under section 81 may be determined to be an acceptable financial security arrangement, the Minister may take into account any information relating to current or emerging risks to the person’s ability to comply with their decommissioning obligation.