Jersey Law 3/1975

 

ELECTRICITY (AMENDMENT No. 2) (JERSEY) LAW, 1975.

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A LAW   to amend further the Electricity (Jersey) Law, 1937, sanctioned by Order of Her Majesty in Council of the

 

12th day of FEBRUARY, 1975.

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(Registered on the 4th day of April, 1975).

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STATES OF JERSEY.

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The 1st day of October, 1974.

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THE STATES, subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law:  -

ARTICLE 1

(1)           For Articles 17 and 18 of the Electricity (Jersey) Law, 1937,1 as amended (hereinafter referred to as “the principal Law”) there shall be substituted the following Article –

“ARTICLE 17

POWER OF STATES IN CONNEXION WITH ELECTRICITY TARIFFS

(1)          Where it appears to the States to be necessary so to do in the public interest, the States may by regulations –

(a)        determine the tariffs to be made by the Company in respect of electricity which it supplies; and

(b)        specify the manner in which the tariffs are to be assessed and make provisions incidental thereto:

Provided that any regulation made under this Article, unless previously renewed by the States, shall lapse after twelve months from the date on which they come into force.

(2)          In determining the tariffs, the States shall have regard to the following or any other relevant matters –

(a)        the present needs of the Company and the future expansion of services provided by the Company;

(b)        the ability of the Company so long as its undertaking is managed efficiently to pay –

(i)         interest on and reimbursement of any debentures, loans or other borrowing of the company;

(ii)        a dividend on the preference shares issued by it at the rate fixed under the terms of issue of such shares; and

(iii)       a reasonable dividend on the ordinary shares issued by it;

(c)        any capital expenditure which the Company may reasonably be expected to incur during the next five years and the desirability of the Company’s charging such expenditure, or any part thereof, to revenue;

(d)        the ability of the Company to pay all proper expenses of and connected with the working, management and maintenance of the Company;

(e)        the provision of any contributions, whether set apart out of revenue or otherwise, which the Company may lawfully carry to a reserve, contingency or amortization fund;

(f)         the ability of the Company to make good depreciation, whether or not provision therefor is made by a reserve or contingency fund; and

(g)        the ability of the Company to meet all other costs, charges and expenses, if any, properly chargeable to revenue.”.

(2)           In Article 21 of the principal Law2 for the words “Subject to the provisions of Article 17” there shall be substituted the words “Subject to the provisions of any Regulations made under Article 17”.

(3)           In Article 29 of the principal Law3 the words “(c) as to what constitutes due provision for depreciation and reserves referred to in Article 18 of the present Law,” are hereby repealed.

ARTICLE 2

This Law may be cited as the Electricity (Amendment No. 2) (Jersey) Law, 1975, and this Law and the Electricity (Jersey) Laws, 1937 and 1954, may be cited together as the Electricity (Jersey) Laws 1937 to 1975.

 

R.S. GRAY,

 

Deputy Greffier of the States.