Interpretation of this Part
Open ↗42.—(1) In this Part —“constituent documents” means the memorandum and articles of association of the Market Company;
“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) prevail to the extent of the inconsistency; or
(b)
between the market rules and this Act, this Act prevails to the extent of the inconsistency.
(3) Nothing in this Part is to 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
Open ↗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 a transmission system of a transmission licensee;
(c)
to facilitate the planning and augmentation of a transmission system of a transmission licensee;
(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.[42/2018]
(2) The Market Company may engage in any business, undertaking or activity incidental to the performance of its functions.
Approval of Minister
Open ↗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
(c)
the addition, deletion or alteration of any provision of the constituent documents.
(2) The requirement under subsection (1) is in addition to the requirements prescribed by the Companies Act 1967 or the Insolvency, Restructuring and Dissolution Act 2018 in respect of the matters referred to in that subsection.[40/2018]
(3) Any act done or agreement made in contravention of subsection (1) has no effect and is unenforceable at law.
Liability of Market Company
Open ↗45.—(1) No suit or other legal proceedings shall lie against any director, officer, employee or agent of the Market Company or any person acting under the direction of the Market Company for anything which is in good faith done or not done, in the execution or purported execution of the functions of the Market Company.
(2) Subsection (1) does not relieve the Market Company of any liability to which it would otherwise be subject in respect of a cause of action arising from any act or omission referred to in that subsection.
Market rules
Open ↗46.—(1) The Authority is to make initial market rules —(a)
establishing and governing, amongst other things —(i)
any wholesale electricity market; and
(ii)
agreements and arrangements in connection with trading;
(b)
governing the activities of the Market Company and market participants in and in relation to any wholesale electricity market; and
(c)
governing the operation of the electricity system.
(2) To avoid doubt, rules made for the purpose of subsection (1)(a) may make provision governing the activities of market support services licensees in and in relation to any wholesale electricity market.[18/2006]
(3) The Market Company —(a)
may modify the market rules in accordance with the market rules; and
(b)
must modify the market rules when directed to do so by the Authority.[18/2006]
(4) The market rules made or modified in accordance with this section must be published by the Market Company in such manner as will secure adequate publicity.[18/2006]
(5) A modification to the market rules made by the Market Company under subsection (3) is subject to approval by the Authority, which approval must be granted unless the Authority determines that the modification —(a)
being a modification made under subsection (3)(a), unjustly discriminates in favour of or against a market participant, a market support services licensee, or a class of market participants or market support services licensees; or
(b)
is inconsistent with the functions and duties of the Authority under section 3(3).[18/2006]
(6) The market rules are deemed not to be subsidiary legislation.
Penalties under market rules
Open ↗47. Without limiting section 46(1), the market rules may include provisions authorising and governing the imposition of financial penalties on market participants, the Market Company and market support services licensees.[18/2006]
Limitation of actions under market rules
Open ↗48.—(1) If the market rules include a provision —(a)
that regulates the manner in which disputes under the market rules or referred to in the market rules are to or may be resolved; and
(b)
that restricts recourse to the courts until such time as the dispute resolution process in the market rules has been exhausted,
recourse to the courts is to be limited in the manner prescribed by the market rules, including a restriction against appeals to a court except in relation to matters of law and jurisdiction.
(2) Nothing in this section is to be read or construed as —(a)
sanctioning the absolute limitation of appeals to the courts except in relation to matters of fact; or
(b)
limiting the right of any person to seek interim injunctive relief from the courts.
Market rules have force of contract
Open ↗49.—(1) The market rules have the effect of a contract between each market participant and the Market Company.
(2) Each market participant and the Market Company are deemed to have entered into a contract with one another under which each market participant and the Market Company severally agree to perform and observe the market rules as far as they are applicable to each market participant and the Market Company as provided for in the market rules.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
