After a three week delay, the parties have now all executed their respective legal documents that set out the detailed framework for the long term solution, ACCC said.
Interim authorisation allows the parties to undertake the phased implementation of arrangements to provide a long term solution to continuing capacity constraints in the Hunter Valley coal chain.
Peter Kell, acting chairman of ACCC, said: “The execution of these documents represents a significant milestone for the Hunter Valley coal industry.
“The terminal operators will now be able to ask producers to provide binding nominations for their long term terminal capacity requirements. As a result, coal chain system capacity can be modelled and long term ship or pay contracts can be entered into for the first time, which will underpin future investment and the efficient operation of the coal chain.”
The commission said that there is still a program of work to be completed by the industry to allow the long term solution to be fully implemented across the coal chain by January 1, 2010.
The ACCC originally granted interim authorisation to Port Waratah Coal Services, Newcastle Coal Infrastructure Group and the Newcastle Port in July 2009 subject to a condition that the applicants execute their respective capacity framework documents by August 31, a deadline they had set.
