Page 92 - Week 01 - Tuesday, 27 November 2012

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Annual Reports (Government Agencies) Act, pursuant to section 13—Annual Report 2011-2012—Health Directorate, dated 13 September 2012.

Mr Barr presented the following papers, which were circulated to members when the Assembly was not sitting:

Annual Reports (Government Agencies) Act, pursuant to section 13—Annual Reports 2011-2012—

ACTEW Corporation Limited, dated 19 September 2012.

ACTTAB Limited, dated 3 September 2012.

ACT Insurance Authority (including Office of the Nominal Defendant of the ACT), dated 18 September 2012.

Independent Competition and Regulatory Commission, dated 13 September 2012.

Totalcare Industries Limited—Special Purpose Financial Report for the period 1 July 2011 to 29 February 2012.

Treasury Directorate (2 volumes), dated 18 September 2012.

Financial Management Act—instrument

Paper and statement by minister

MR BARR (Molonglo—Deputy Chief Minister, Treasurer, Minister for Economic Development, Minister for Sport and Recreation, Minister for Tourism and Events and Minister for Community Services): For the information of members, I present the following paper:

Financial Management Act, pursuant to section 47—Instrument of approval of guarantee—FRV Royalla Solar Farms Pty Limited, dated 31 August 2012.

I ask leave to make a statement in relation to the paper.

Leave granted.

MR BARR: Section 47 of the Financial Management Act 1996 entitles the Treasurer to approve a guarantee by the territory for the payment of money or performance of an obligation under a contract. The guarantee comes into effect if the Electricity Feed-in (Large-scale Renewable Energy Generation) Act 2011 is repealed, amended or has conditions imposed that amends the feed-in tariff entitlements. The guarantee extends for the period between the date of the grant of the feed-in tariff entitlement and 31 March 2034.

The guarantee entitles the proponent to be paid an amount by the territory to place it in an equivalent financial position as it would have been had the FIT entitlement not been varied. The undertaking does not include payment for losses of future earnings or profits. The guarantee was a necessary element to facilitate the proponent securing necessary financing, and I commend this instrument to the Assembly.

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