We have three sources of funding: market fees, the industry levy and annual shareholders' fees.
Market fees
Section 43S of the Gas Act provides for industry governance regulations or rules to be funded by industry participants.
Details of industry participant funding, or 'market fees', are set out in each of the regulations or rules to which they apply. These fees are used to recover costs of external service providers and consultants.
The Downstream Reconciliation Rules, Switching Arrangements and Critical Contingency Management Regulations contain market fee provisions.
Read more about Gas Legislation
Read more about Downstream Reconciliation Rules
Read more about Switching Arrangements
Read more about Critical Contingency Management
Industry levy
The Gas Act provides for a levy on industry participants to fund Gas Industry Co's activities as the industry body in accordance with the Gas Act.
The levy is implemented through annual regulations following industry consultation.
The levy covers our costs that are not covered by market fees, including the direct costs of workstreams and non-operational expenditure. Any excess levy recovered in a financial year is generally refunded to industry participants the following year.
Annual fee
Shareholders are required to pay an annual fee to Gas Industry Co.
In November 2020, the Board determined that the annual shareholder fee for FY2021 and the following financial years would be $2,000 (plus GST) per shareholder.