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Offshore Renewable Energy Bill

Decommissioning of ORE infrastructure - Obligation to provide Crown with financial security - Financial capability assessments

91: Minister must notify outcome of financial capability assessment

You could also call this:

"Minister must tell you if you have enough money for decommissioning costs"

Illustration for Offshore Renewable Energy Bill

The Minister has to tell you the result of a financial capability assessment as soon as they can after it is finished. This assessment is done under section 88. The Minister must tell you if they think you have enough money to pay for decommissioning and why they think that.

The Minister will look at your financial capability assessment when deciding if they should change the financial security arrangement. You will get to know the Minister's decision and the reasons behind it. The Minister's decision is based on whether you are likely to have the money to carry out and meet the costs of decommissioning.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS992257.

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90: Process for carrying out financial capability assessment, or

"How the Minister checks if someone can afford to pay for offshore renewable energy projects"

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92: Relevant persons must provide supporting information, or

"People involved must give the Minister extra information to check their money situation."

Part 3Decommissioning of ORE infrastructure
Obligation to provide Crown with financial security: Financial capability assessments

91Minister must notify outcome of financial capability assessment

  1. As soon as practicable after a financial capability assessment under section 88 is completed, the Minister must notify person A of—

  2. the Minister’s conclusion as to whether they are highly likely to have the financial capability to carry out and meet the costs of decommissioning; and
    1. the reasons for that conclusion.

        1. Guidance note

        The results of the most recent financial capability assessment (if any) will be a relevant consideration when the Minister is considering whether to alter the acceptable financial security arrangement.