The Independent Pricing and Regulatory Tribunal (Tribunal) was prompted to consider ring fencing as a result of the responsibilities conferred on it by clause 6.20 of the National Electricity Code (NEC), which purports to provide powers to Jurisdictional Regulators to establish ring fencing arrangements for electricity networks. An examination of the powers set out in clause 6.20, however, has led the Tribunal to form the view that a ring fencing regime which relies upon the NEC as the sole head of power will be incomplete.
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