Queensland Subordinate Legislation as Made

GOVERNMENT OWNED CORPORATIONS (PUMPED HYDRO ENERGY STORAGE RESTRUCTURE) REGULATION 2022 - REG 4

4 Transferring assets

(1) This section applies if, immediately before the commencement, a transfer schedule identifies an asset of Powerlink.

(2) The asset is transferred to the pumped hydro entity on the commencement.

(3) Powerlink and the pumped hydro entity must do all things necessary to enable the transfer of the asset under subsection (2) .

(4) For the purpose of accounting—

(a) Powerlink must treat—

(i) the transfer of the asset to the pumped hydro entity as an acquisition of an ownership interest in the pumped hydro entity; and

(ii) the value of the asset as being the value of the asset as recorded in the accounts of Powerlink for the last day before the commencement; and

(b) the pumped hydro entity must treat—

(i) the transfer of the asset to the pumped hydro entity as a contribution by an owner that is to be considered as an increase in contributed equity; and

(ii) the value of the asset as being the value of the asset as recorded in the accounts of Powerlink for the last day before the commencement.