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(1) The Minister on the advice of the Commission may by legislative instrument make regulations-

(a) in respect of electricity and natural gas-

(i) on the conservation of electricity or natural gas;

(ii) for expansion, planning, safety criteria, reliability and cost effectiveness of the interconnected transmission systems;

(iii) on minimum standards and procedures for construction, operation and maintenance of facilities and installations;

(iv) for the protection of mains, pipes, electrical or natural gas installations and services;

(v) for the protection of life and property and general safety of the public in respect of natural gas and electricity services;

(vi) for the operation of the electricity transmission utility; and

(vii) for the operation of the gas transmission utility;

(b) in respect of petroleum products-

(i) for controlling the importation, exportation, landing, loading, unloading and transportation of petroleum products;

(ii) for the storage, handling and sale of petroleum products and providing for licensing of places in which petroleum products are stored;

(iii) for regulating the handling of petroleum products in the fuelling of aircraft;

(iv) for preserving the quality and purity of petroleum products; and

(c) generally

(i) prescribing fire precautions and other safety measures to be observed;

(ii) on minimum reserve margins to satisfy demand; and

(iii) for the implementation of the provisions of this Act.

(2) Notwithstanding any provision in the Statutory Instrument Act, 1959 (No. 52) to the contrary, legislative instrument made under subsection (1) may impose a penalty of a fine not exceeding c20 million or imprisonment for a term not exceeding 5 years or both for any offence provided in the instrument.