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(1) The national interconnected transmission system for the delivery of electricity and natural gas throughout the country shall be such as shall be determined by the Commission.

(2) Subject to subsection (3) the Commission may on application made to it by a public utility in such form as the Commission shall determine grant a transmission licence to the applicant authorising the licensee to operate exclusively the national interconnected transmission systems for the transmission throughout the country of electricity or natural gas.

(3) A licence granted under subsection (1) shall be known as a Transmission Licence.

(4) There shall not be granted more than one licence under subsection (1) of this section in respect of electricity or natural gas at any particular time in the country.

(5) The public utility granted a Transmission licence under subsection (1) for transmission of electricity or natural gas shall be known as the Electricity Transmission Utility or the Gas Transmission Utility respectively (hereafter referred to in this Act as "the Transmission Utility").