Good Electricity Industry Practice definition

Good Electricity Industry Practice means the exercise of that degree of skill, diligence, prudence and foresight that a skilled and experienced person would reasonably and ordinarily exercise under comparable conditions and circumstances consistent with applicable written laws and statutory instruments and applicable recognised codes, standards and guidelines.

Good Electricity Industry Practice means: in the case of the Distributor, the exercise of that degree of skill, diligence, prudence, foresight and economic management that would reasonably be expected from a skilled and experienced electricity network owner engaged in New Zealand in the distribution of electricity under conditions comparable to those applicable to the Network consistent with applicable law, safety and environmental protection. The determination of comparable conditions is to take into account factors such as the relative size, duty, age and technological status of the Network and the applicable law; and in the case of the Retailer, the exercise of that degree of skill, diligence, prudence, foresight and economic management that would reasonably be expected from a skilled and experienced electricity retailer engaged in New Zealand in the same type of undertaking under comparable conditions consistent with applicable law, safety and environmental protection;

Good Electricity Industry Practice means the exercise of that degree of skill, diligence, prudence and foresight that would reasonably be expected from a significant portion of electricity entities carrying on operations in the electricity supply industry under conditions comparable to those applicable to the relevant electricity entity consistent with the applicable regulatory instruments, safety and environmental protection. The determination of comparable conditions is to take into account factors such as the relative size, duty, age and technological status of the relevant electricity entity and the applicable regulatory instruments;

Examples of Good Electricity Industry Practice in a sentence

• If the Trader does not provide information to the Distributor in accordance with Schedule 2 by the 5th Working Day after the last day of the month to which the Tax Invoice relates, or any information provided by the Trader is incomplete or materially incorrect, the Distributor may estimate, in accordance with Good Electricity Industry Practice, the Trader’s Tax Invoice for Distribution Services.

• The policy must not be inconsistent with this agreement and the Distributor will endeavour in accordance with Good Electricity Industry Practice to comply with the policy, but the Distributor will not be in breach of the policy if the Distributor has acted in good faith.

• Except in respect of liability under clauses 22, 26.8, 26.11 and 26.12, each party (and its officers, employees and agents) will be liable under or in connection with this agreement (whether in contract, tort (including negligence) or otherwise) to the other party for only direct damage to the physical property of any person ("Direct Damage") that results from a breach of this agreement, negligence, or failure to exercise Good Electricity Industry Practice.

• The Distributor will remedy any problems under its control in a timely manner, in accordance with Good Electricity Industry Practice.

• If the Retailer does not provide information to the Distributor in accordance with clause 11.1 by the 5th Working Day after the last day of the month to which the Tax Invoice relates, or any information provided by the Retailer is incomplete or materially incorrect, the Distributor may estimate, in accordance with Good Electricity Industry Practice, the Retailer’s Tax Invoice for Distribution Services.

More Definitions of Good Electricity Industry Practice

Good Electricity Industry Practice means the exercise of that degree of skill, diligence, prudence and foresight that would reasonably be expected from a skilled, diligent and experienced operator engaged in New Zealand in the same type of undertaking under the same or similar circumstances, but subject to the terms of this agreement;

Good Electricity Industry Practice has the meaning given in regulation 28(1);

Good Electricity Industry Practice means the exercise of that degree of skill, diligence, prudence and foresight that a skilled and experienced person would reasonably and ordinarily exercise under comparable conditions and circumstances consistent with applicable Laws and applicable recognised codes, standards and guidelines. GST means goods and services tax or similar value added tax levied or imposed in Australia on a taxable supply under the GST Act or otherwise.

Good Electricity Industry Practice has the meaning given to it in the Code.

Good Electricity Industry Practice has the meaning given to it in the Metering Code.

Good Electricity Industry Practice means the exercise of that degree of skill, diligence, prudence and foresight that a skilled and experienced person would reasonably and ordinarily exercise under

Good Electricity Industry Practice in relation to transmission, means the exercise of that degree of skill, diligence, prudence, foresight and economic management, as determined by reference to good international practice, which would reasonably be expected from a skilled and experienced asset owner engaged in the management of a transmission network under conditions comparable to those applicable to the grid consistent with applicable law, safety and environmental protection. The determination is to take into account factors such as the relative size, duty, age and technological status of the relevant transmission network and the applicable law;”