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The Nuclear Regulated Asset Base Model (Revenue Collection) Regulations 2023

Draft Legislation:

This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Nuclear Regulated Asset Base Model (Revenue Collection) Regulations 2023 No. 254

Withdrawal of collateral and payment of interest

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22.—(1) Where the collateral provided by an electricity supplier and held by the revenue collection counterparty is more than that supplier’s collateral requirement, that supplier may make a request that the revenue collection counterparty repay or return as much collateral as exceeds the supplier’s collateral requirement by giving a notice to the revenue collection counterparty.

(2) Where a request under paragraph (1) has been received by the revenue collection counterparty, it must, before the 2nd working day after the day on which the request was received, repay or return the lesser of—

(a)the amount requested by the supplier; or

(b)the amount of collateral which the revenue collection counterparty determines exceeds that supplier’s collateral requirement at the time the payment is to be made.

(3) Where a supplier has provided collateral in the form of cash and the revenue collection counterparty holds that sum in an account which bears interest, it must pay to that supplier an amount equal to any such interest earned in relation to that sum within 15 working days of receiving that interest.

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