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Offshore Renewable Energy Bill

Decommissioning of ORE infrastructure - Obligation to provide Crown with financial security - Alteration of acceptable financial security arrangements

84: Alteration of acceptable financial security arrangement

You could also call this:

"The Minister can change the rules about money security for offshore energy projects at any time."

Illustration for Offshore Renewable Energy Bill

The Minister can make changes to the financial security arrangement at any time. You might be required to increase the amount of money secured, or you might be allowed to reduce it. The Minister can also require or permit you to make other changes to the arrangement, such as changing the type of securities used.

The Minister can allow you to vary the conditions of the arrangement, like the rate at which financial securities build up over time. When the Minister makes these decisions, they must follow the rules set out in Sections 80 to 82.

The Minister can consider the results of your most recent financial capability assessment, if you have had one, when making decisions about your financial security arrangement.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS992247.

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83: Minister’s determination on acceptable financial security arrangement, or

"The Minister decides what money security is needed for offshore energy projects."

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85: Minister must notify alterations to acceptable financial security arrangement, or

"Minister must inform you in writing about changes to your financial security arrangement."

Part 3Decommissioning of ORE infrastructure
Obligation to provide Crown with financial security: Alteration of acceptable financial security arrangements

84Alteration of acceptable financial security arrangement

  1. The Minister may, at any time, do any 1 or more of the following:

  2. require a person that has a financial security obligation (person A) to increase the total amount secured by the acceptable financial security arrangement:
    1. allow person A to reduce the total amount secured by the acceptable financial security arrangement:
      1. require or permit person A to otherwise alter the acceptable financial security arrangement (for example, by changing the kind of securities) that is put in place and maintained:
        1. allow person A to vary the conditions of the acceptable financial security arrangement (for example, vary the rate at which financial securities must build up over time).

          1. Sections 80 to 82 apply to the Minister when exercising a power in subsection (1).

          2. In addition to the matters listed in section 82, the Minister may take into account the results of the most recent financial capability assessment (if any).