Victorian Numbered Acts Victorian Numbered ActsFor section 8 of the Essential Services Commission Act 2001 substitute —
(1) In performing its functions and exercising its powers, the objective of the Commission is to promote the long term interests of Victorian consumers.
(2) Without derogating from subsection (1), in performing its functions and exercising its powers in relation to essential services, the Commission must in seeking to achieve the objective specified in subsection (1) have regard to the price, quality and reliability of essential services.
(1) In seeking to achieve the objective specified in section 8, the Commission must have regard to the following matters to the extent that they are relevant in any particular case—
(a) efficiency in the industry and incentives for long term investment;
(b) the financial viability of the industry;
(c) the degree of, and scope for,
competition within the industry, including countervailing market power and
information asymmetries;
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(d) the relevant health, safety, environmental and social legislation applying to the industry;
(e) the benefits and costs of regulation (including externalities and the gains from competition and efficiency) for—
(i) consumers and users of products or services (including low income and vulnerable consumers);
(ii) regulated entities;
(f) consistency in regulation between States and on a national basis;
(g) any matters specified in the empowering instrument.
(2) Without derogating from section 8 or subsection (1), the Commission must also when performing its functions and exercising its powers in relation to a regulated industry do so in a manner that the Commission considers best achieves any objectives specified in the empowering instrument.".