Amendment status not verified — confirm the current text below against the official source.
(1) The holder of each licence granted under tbis Act shall observe tbt revenues and aethodo!ogies and procedures specified by the Commission from time to tima in t arms. calculaline the expected revenue from c h a p s lbhich it is permitted to recrivcr pursuant to the term5 of its license and in determ1nin.g tariffs to collect those revenues. (2) The Commission shall, save as provided in sub-section (3), be entitled to prescribe the termr and conditions for the dctcrmination of the licensees reven" a and tgriffs by regulations duly published in the Gazette and in such other mader +he Commission considers appr~priate and, for doing so, the- Coinmission shall be bound by the following parameters, namely:- (a) the financial principles and their applications provided in sections 57 and 5 7 4 of the Electricity (Supply) Act, 1948 and in:the Sixth Schedule 54 of 1948 thereto; (b) the factors whicb would encourage efficiency, economic use of the recourwS 4 or 1948 good performance, optimum investments, perform;. nce af liccnsc condition; and other matters which the Commission consider6 a pro: riatc for the purposes of this Act; and . (c) tbc interest of the consumcrs. (3) Where Ihe Commission departs from factors specified in the Sixth Schedule to the Electricil~ (Supp!pl~) Acl, 1948 . while defermining the Iiccnsees' revcnues and 64 OF 1948 tariffs, it shall record Ihc reasons thewfor in writing. (4) Evcry licensec shaJI provide to the Commission at such time and i n such manncr as may b- p-rescribed in the regulations, full details of it.; calculat~on for the en suing financial year-of the ~ ~ p e ~ t e d aggreg~te revenue from cllarges ,which it bcIieve to have becn permitted to recover in accordance rvilh the terms of its licence and thcrearter it shall rurnish such further information as lhe Commission may . reasonably require to asscs.; tlie licensee's calculation. ivithin ninety days ~f the date on whicb thc licensae has furnished all the information that the Commission requires, the Commission shall notify the licensee either- (a) that it accepts t hc licensee's calculation-; or (6) that it does not consider the licensce's calculation rcl bc in accordany with the methodology or procedure?n its liccnce and such nolice io the l~censee sbalI,- - (i) specify fully the rcasons why [tic Commission considers that the licensce's calculation- does not coniply with the methodology or procedures specified in its license or is in any way incorrect; and (ii) propose - modification, or an alternative calculation of the expected revenue from charges, which the Iicensee shall accept. , . ( 5 ) Each holder of supply licence shall publish in thc daily newspaper having circulation in the area ef supply and make available to the public on request the tariff or tariffs for the supply of electricity within its licensed area of supply and such tariff or tariffs shall take eRcct only arlw seven days from the date of such publi'cation. Any tariff irnplementcd under this section,- (n) shall not show undue prcfcrcnce to any consumcr of cleotricity, but may differentiate according to the consumer's load factor or power [actor, the consumer's total consumption of energy during nny specified period, or the time at which supply is required; (b) shill bc just and reasonable sad bc such as to prc,mote economic efficiency in thc supply alld consumption of cleclricity; and (c) shall sntisfy all other relevant prc.visions of (his Act and the conditions of liccncc. I (6) No tariff w Part of any tariff impIemented under sub-section (5) may be amendcd more than once in any financial year. except in rcspect of any changes expressly perrnilted under the terms of any fuel surcharge fornlula ws may be -prescdbed by rcpulaliow. At least threc months* bcfore the proposed date for implementation 'I of any taria or an amendment to a lmff the licensce shall provide details or the proposed tariff or amendment to a,tariff to tile Commissi~n, together wit11 such further information a6 the Commission may require to determine whether the tariff or amended tariff rvould satisry the provisions of sub-seclion (5). If tho Commission considers fh3t the propilsed tariff or amended tariff of a licensee docs not satisfy any of the provisions of sub-section (5), it shall, within ninety days of the rcceipt of all the jnformtion which it required, and after consultation with the Commission Advisory Committea constituted under section 32 and tbe licensee, notify thc licensee that the propo& tar~ff or amcnded tariff is unacceptable to the Commission and it shall provide to the licensee an alternative tariff or amcnded tariff which shall bc implemented by the licensee. The licensee shaU not amcnd any tariff unless the amendment has been approved by the Commission. (7) Notwithstanding ~njthing contained in sections 57-A and 57-B of the Electri- city (Supply) Act, 1948, no Rating Commir tee shall be constituted after the date of 54 lgs commencement of this Act and the Commission shall securc that licensees comply wiih the provisions of their licences regarding thelr clierges for the sale or el~trj~ity, both wholesale and retaiI, and. for ihe connection to and use of their assets or systems in accordance with the provisions of this Act. ... , . . Explunaiion-Tn this sect ion (a) "the expccted rcvenlre from charpes" means the total revenue wbich a licensce i s expected to rccover from charge: for thc {eve1 of forecost supp!y used in the Bet2rrnination under sub-section (4) in m y financial year in respect of goods or scrvices supplied to customers pursuant to a licensed : activily; and I - (h) "tariff'! mcans a schedule of slandard prices or charges for specified services which are applicable to all such specified services provided to the type or types of customers specified in the tariff. of