30. Interim return and rate adjustment
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(1) Subject to subsection (7), within 28 days after the end of each of its financial years, the Company shall submit to the Commission an interim return in the form prescribed in Schedule 3 —
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(a) containing the relevant information in relation to the operations of the Company during the particular year; and
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(b) stating that the interim rate of return for that year were calculated in accordance with Schedule 3;
together with the Company's unaudited internal management accounts for the financial year with respect to which the interim return is made.
(Amended by Act 2 of 2016)
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(2) Where the interim return is not submitted to the Commission within the time specified in subsection (1), or if the Company, before the interim return is submitted, demands payment for electricity supplied for any purpose in the then current financial year, the Company shall charge for electricity supplied at the basic energy rate in force at the end of the financial year immediately preceding the then current financial year. (Amended by Act 2 of 2016)
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(3) Where the interim rate of return for any financial year exceeds that permitted under the allowable rate of return calculated in accordance with Part A of Schedule 3 then in respect of that financial year, the Company shall in respect of the month in which the relevant interim return is submitted and in respect of subsequent months, decrease the basic energy rates as prescribed in Part A of Schedule 3 in respect of each kilowatt hour consumed by industrial and hotel consumers; and such decrease shall be calculated in respect of each kilowatt hour as to ½ of the dollar value of the excess rate of return applied proportionately on the basis of the total kilowatt hours consumed by such industrial and hotel consumers in the preceding calendar year; provided that the Commission may by order published in the Gazette determine that the decrease in basic energy rates may also be applied to consumers or groups of consumers in need of special protection in which case the calculation of the individual amounts shall be in accordance with the form prescribed in PART B of Schedule 4; but any such decrease in either of the 2 calculations is independent of any adjustment with respect to fuel costs made in accordance with Schedule 2. (Amended by Act 2 of 2016)
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(4) Where the interim rate of return for any financial year is less than the allowable rate of return calculated in accordance with the Part A of Schedule 3 then with respect to that financial year, the Company, shall in respect of the month in which the relevant interim return is submitted and in respect of subsequent months, increase the basic energy rates chargeable for each kilowatt hour consumed and such increase shall be calculated in respect of each kilowatt hour as to the full dollar value of the deficit rate of return applied to the total kilowatt hours sold in the preceding calendar year; but any such increase is independent of any adjustment with respect to fuel cost made in accordance with Schedule 2.
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(5) The decrease and increase in basic energy rates referred to in subsections (3) and (4) respectively must be effected in accordance with the formulae prescribed in Schedule 4.
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(6) Any decrease under subsection (3) or increase under subsection (4) becomes effective in relation to any bill issued in respect of the month in which the relevant interim return is submitted and in respect of subsequent months.
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(7) Where there is a conflict between this section and the prescriptions of Schedule 3, Schedule 3 prevails.
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(Amended by Act 12 of 2006 and 13 of 2006)