1. Title

This Act may be cited as the Wave Energy Prize 2021.

2. Commencement

This Act comes into force upon Royal Assent.

3. Purpose

The purpose of this Act is to create an incentive for the development of commercially viable Wave Energy converters in New Zealand.

4. Interpretation

In this act the following terms have the corresponding meanings—

"competition period" is the period of 10 years beginning with Royal Assent;

"GWh" means gigawatt-hour;

"EEZ" means the Exclusive Economic Zone of New Zealand.

5. Powers of ministers to designate winners

(1) The Ministers may at the expiry of the competition period—

(a) designate a person for the purposes of this section, and

(b) pay that person the prize amount.

(2) Ministers may, if there is no person or persons to be designated extend the prize for a further five years or opt to end the competition.

(3) The prize amount is the amount determined in accordance with section 2.

(4) Section 7 makes provision about designation under this section.

6. Prize Amount

(1) The prize amount is determined by—

(a) taking the amount of $20 million, and

(b) increasing that amount by the percentage corresponding to the percentage increase in the consumer prices index over the competition period.

(2) In this section, "consumer prices index" means—

(a) the all consumer prices index published by Stats New Zealand, or

(b) if that index has ceased to be published, another index specified by Ministers by notice in the gazette.

7. Conditions for designation

(1) A person may only be designated under section 5 if the following conditions are met.

(2) The first condition is that the person has, before the expiry of the competition period, made an application to the Scottish Ministers under this section in such form and manner, and accompanied by such information, as the Scottish Ministers may reasonably require.

(3) The second condition is that the person has designed and constructed an item of plant or equipment for the generation of electricity ("the converter") which:

• (a) generates electricity by exploitation of waves created by action of the wind,
• (b) has, within the EEZ for an aggregate period of at least two years, been operating so as to generate electricity,
• (c) has, within the period mentioned in paragraph (b), generated 100 GWh of electricity.
• (4) The third condition is that the Ministers are, after consulting such persons as they consider are appropriately qualified, satisfied that the converter is commercially viable.

8. Miscellaneous powers

(1) The Ministers may do anything which they consider necessary or expedient for or in connection with the operation of this Act.

(2) In particular, the Ministers may:

(a) keep and maintain funds,

(b) invest resources (by any means),

(c) form, or participate in the formation of, bodies corporate,

(d) consult any person and reimburse any reasonable travel expenses the person may incur in connection with that consultation.

(3) Where the Ministers consult a person under this section or section 7(4) they must publish, by such means as they consider appropriate, a copy of the minutes of each consultation.

Explanatory note

The bill provides for the creation of an arms length from the government wave energy prize, with transparency and expert lead and assessment to be funded slowly over the next ten years. Encouraging new wave energy projects to conduct R&D in New Zealand - making the project suitable for our conditions and building contacts in New Zealand industry, science and manufacturing.

B.1099 - Wave Energy Prize Bill

Party Bill

Authored by /u/LeChevalierMal-Fait

Sponsored by the New Zealand Labour Party.

Debate will end at 11:59pm, 3rd of September.