ELECTRICITY
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- “Market Company” means the company which holds an electricity licence authorising it to operate any wholesale electricity market.
(2) In the event of any inconsistency—
- (a) between the constituent documents and this Act or the market rules, this Act or the market rules, as the case may be, shall prevail to the extent of the inconsistency; or
- (b) between the market rules and this Act, this Act shall prevail to the extent of the inconsistency.
(3) Nothing in this Part shall be construed as conferring on the Market Company the exclusive right or privilege to operate any wholesale electricity market.
Functions and powers of Market Company
43.—(1) The functions of the Market Company are, subject to and in accordance with this Act, its electricity licence and the constituent documents—
- (a) to operate and administer any wholesale electricity market specified in its licence;
- (b) to schedule generating units, loads and the transmission system;
- (c) to facilitate the planning and augmentation of the transmission system;
- (d) to provide information and other services to facilitate decisions for investment and the use of resources in the electricity industry; and
- (e) to exercise and perform any other powers and duties assigned to the Market Company under this Act, its licence, the market rules and any code of practice.
(2) The Market Company may engage in any business, undertaking or activity incidental to the performance of its functions.
Approval of Minister
44.—(1) The approval in writing of the Minister is required for—
- (a) the disposal of the whole or substantially the whole of the Market Company’s undertaking or property;
- (b) the voluntary winding-up of the Market Company; and
