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Independent Panel - Gas Rate of Return Instrument

The National Gas Law requires the ERA to produce a gas rate of return instrument. The gas instrument sets out the methods the ERA will use to estimate the allowed rate of return and value of imputation credits for gas transmission and distribution service providers. These regulated gas pipelines are the Dampier to Bunbury Natural Gas Pipeline, the Goldfields Gas Pipeline and the Mid-West and South-West Gas Distribution Systems.

The ERA will review the current gas instrument and replace it with the 2022 Gas Instrument. This provides an opportunity to undertake a comprehensive review of approaches for determining the allowed rate of return on capital.

As part of the consultation process for the 2022 gas instrument review, the ERA will use an Independent Panel to review its draft gas instrument. The objective of the Independent Panel will be to assist the ERA to make the best possible gas instrument by providing an independent perspective on its development.

As soon as practicable after the ERA publishes the draft instrument the Independent Panel will give the ERA a written report about the instrument.

The members of the Independent Panel are:

Ms. Michelle Groves (Chair)
Ms Groves is currently the Commissioner and Deputy Chair of Energy Safe Victoria.
Previously, Ms Groves worked for approximately 15 years at the Australian Energy Regulator where she served as CEO. Ms Groves left the Australian Energy Regulator in May 2020.

Dr. Dane Etheridge
Mr Etheridge is employed by Curtin University in the School of Accounting, Economics and Finance. Mr Etheridge has worked in private consulting roles performing analysis related to the minerals, resources, and infrastructure sectors.

Dr. Lee Smales
Dr Smales is an associate professor at the University of Western Australia (UWA) where his role includes research and teaching masters level courses in finance. His research interests are financial markets, behavioural finance, futures markets, investor sentiment and monetary policy. Previously Dr Smales worked in financial markets as a derivatives and foreign exchange trader.

Page last updated: 07 Feb 2022