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32. Investment and power
acquisition programmes
(1) The Authority
shall, within eighteen months from the commencement of this Act, prescribe
procedures and standards for the Authority's prior approval of the transmission
companies' and distribution companies' investment and power acquisition
programmes.
(2)
Any procedures prescribed by the Authority under this section shall advance the
goal of minimizing regulatory oversight of contracts entered into by the
national grid company and distribution companies.
(3)
Any investment programme or power acquisition programme, approved by the
Authority Linder this section shall take into account the national energy plans
issued by the Federal Government.
(4)
Upon the Authority's approval of an investment programme or a power acquisition
programme, the Authority shall, subject to such terms and conditions, including
rates and charges of electric power, permit the distribution company to enter
into long term contracts for power purchases.
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