Acts and Regulations

2013-67 - General

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Current to 1 January 2024
NEW BRUNSWICK
REGULATION 2013-67
under the
Electricity Act
(O.C. 2013-285)
Filed September 24, 2013
Under section 142 of the Electricity Act, the Lieutenant-Governor in Council makes the following Regulation:
Citation
1This Regulation may be cited as the General Regulation - Electricity Act.
Definition of “Act”
2In this Regulation, “Act” means the Electricity Act.
Fee
3(1)The fee payable under subsection 46(1) of the Act shall be calculated by using the following formula:
fee = 0.0065 × base
where base = N - S + L + I,
and where
N = the value of all notes and debentures issued by the Corporation and guaranteed by the Crown, recognizing foreign exchange adjustments to foreign currency debt as at the balance sheet date,
S = the value of sinking fund assets at book value, recognizing foreign exchange adjustments as at the balance sheet date,
L = the value of long-term debt advanced by the Crown to the Corporation, recognizing foreign exchange adjustments as at the balance sheet date, and
I = the value of any short-term indebtedness advanced to the Corporation by the Crown and any short-term indebtedness that is outstanding at the balance sheet date and that is guaranteed by the Crown, recognizing foreign exchange adjustments as at the balance sheet date.
3(2)The values used to calculate the base in each year shall be those for the previous fiscal year and shall be obtained from the Corporation’s financial statements for the balance sheet date of March 31.
3(3)Subject to subsection (4), the fee is payable on September 30 of each year.
3(4)If September 30 falls on a Saturday or a holiday, the fee is payable on the next day following that is not a Saturday or a holiday.
Prescribed date
Repealed: 2021, c.42, s.41
2021, c.42, s.41
4Repealed: 2021, c.42, s.41
2021, c.42, s.41
Range of return on equity
5The range of return on equity for the purposes of subsection 113(10) of the Act is 10% to 12%.
Capital structure
6The capital structure for the purposes of subsection 113(11) of the Act is 65% debt and 35% equity.
Circumstances for removal of the President and Chief Executive Officer
7For the purposes of subsection 23(11) of the Act, the Lieutenant-Governor in Council may remove the President and Chief Executive Officer in the following circumstances:
(a) the Lieutenant-Governor in Council is of the opinion that his or her appointment is no longer in the public interest, or
(b) the Corporation fails to meet performance targets that may be set out in a mandate letter provided to the Corporation by the Minister or in an annual plan of the Corporation.
Commencement
8This Regulation comes into force on October 1, 2013.
N.B. This Regulation is consolidated to April 1, 2022.