(1) Subject to subsection (5), the Commission shall —
(a) biennially —
(i) monitor the Company's performance against mutually agreed targets and benchmarking standards,
(ii) review the company's development plans, expansion programmes, and fuel cost efficiency;
(b) triennially —
(i) mutually agree and set technical, operational, efficiency standards and benchmarks for a three year period for the company to meet in annual phases,
(ii) review and report on the efficiency of asset utilization and optimization, and the appropriateness and implications of the rate structures;
(c) subject to subsection (2) not more than once at the end of every 5 years, review the basic energy rates that are calculated in accordance with this Act and charged by the Company.
(Amended by Act 2 of 2016)
(2) A review for the purposes of subsection (1)(c) —
(a) must determine the accuracy or otherwise of the application of the basic energy rate calculation for the 5 year period ending immediately prior to the commencement of the review;
(b) must determine the fairness and suitability, extent and timing of this Part;
(c) must commence within 90 days after the end of the last financial year of such period in respect of which the review is to be conducted.
(3) The Commission must complete a report of a review undertaken under subsection (1) within 60 days from the date of commencement of the review and submit the report to the Minister within 14 days of the completion of the report. (Amended by Act 2 of 2016)
(4) (Deleted by Act 2 of 2016)
(5) For the purposes of subsection (1) the 5 year period must be reckoned from the commencement of this Act.
(Amended by Act 12 of 2006)