The Carbon Capture Revenue Support (Directions, Eligibility and Counterparty) Regulations 2024

Regulation 9(2)

SCHEDULE REGISTER OF CARBON CAPTURE REVENUE SUPPORT CONTRACTS

PART 1 DUTIES OF A CARBON CAPTURE COUNTERPARTY

1.  A carbon capture counterparty must maintain the register required to be kept by virtue of regulation 9 in accordance with the requirements set out in this Schedule.

2.  A carbon capture counterparty must create an entry on the register in respect of each carbon capture revenue support contract to which it is a party.

3.  A carbon capture counterparty may, in addition to any information that is required to be entered onto the register, enter onto the register any other information which it considers would facilitate the administration of carbon capture revenue support contracts.

4.  A carbon capture counterparty must, so far as it is reasonably practicable, ensure that entries in the register are accurate.

PART 2 INFORMATION IDENTIFYING THE CONTRACT AND THE ELIGIBLE CARBON CAPTURE ENTITY

The unique identifier

5.  A carbon capture counterparty must enter onto the register the unique identifier assigned to each carbon capture revenue support contract pursuant to regulation 9(1).

Information regarding the eligible carbon capture entity

6.  A carbon capture counterparty must, in respect of each carbon capture revenue support contract to which it is a party, enter onto the register—

(a) the name of the eligible carbon capture entity who is a party to that contract;

(b) the address for correspondence with the eligible carbon capture entity; and

(c) any unique identifier (for example, a company registration number) assigned to the eligible carbon capture entity by a public authority in the United Kingdom.

PART 3 INFORMATION REGARDING THE FACILITIES WHERE THE CARBON DIOXIDE IS CAPTURED

7.  A carbon capture counterparty must, in respect of each carbon capture revenue support contract to which it is a party, enter onto the register—

(a) the name of the facility at which the carbon dioxide is, or is to be, captured in pursuance of that carbon capture revenue support contract;

(b) such map grid references as are reasonably necessary to identify the location of the facility at which the carbon dioxide is, or is to be, captured pursuant to that carbon capture revenue support contract;

(c) the description of carbon capture revenue support contract to which the entry relates (for example, industrial or waste industrial);

(d) a brief description of the technology used, or to be used, to capture the carbon dioxide (for example, pre or post-combustion capture);

(e) a brief description of the activity from which the carbon dioxide is, or is to be, produced;

(f) the identity of any carbon dioxide transport and storage operator being used or to be used by the eligible carbon capture entity;

(g) the maximum amount of carbon dioxide captured in any one-year period (expressed in tonnes of carbon dioxide) in respect of which the eligible carbon capture entity could receive payments under the carbon capture revenue support contract, as agreed under the carbon capture revenue support contract; and

(h) the estimate of the carbon dioxide capture rate for the facility (expressed as a percentage), as agreed pursuant to the carbon capture revenue support contract.

PART 4 INFORMATION ABOUT THE COMMENCEMENT AND DURATION OF ACTIVITIES PURSUANT TO THE CONTRACT ETC.

8.—(1) A carbon capture counterparty must, in respect of each carbon capture revenue support contract to which it is a party, enter onto the register—

(a) the date, agreed pursuant to that contract, on which it is intended the eligible carbon capture entity will start capturing carbon dioxide;

(b) the dates, agreed pursuant to that contract, of the beginning and end of any period within which it is intended the eligible carbon capture entity will start capturing carbon dioxide;

(c) the date notified from time to time by the eligible carbon capture entity pursuant to that contract as the date on which it expects to be eligible to receive payments under the contract;

(d) the date notified by the eligible carbon capture entity pursuant to that contract as the date on which it has met the necessary conditions entitling it to receive payments under that contract;

(e) the latest day, agreed pursuant to that contract, on which the eligible carbon capture entity can meet the conditions necessary to entitle it to receive payments under the contract; and

(f) the date on which the contract expires or, in the event of the earlier termination of the contract, the date on which the contract terminated.

(2) But the carbon capture counterparty must omit from the register the information required by sub-paragraph (1)(c) where—

(a) the eligible carbon capture entity requests this in writing; and

(b) the carbon capture counterparty considers that if the information were the subject of a request for disclosure under the Freedom of Information Act 2000(1), or the Environmental Information Regulations 2004(2), the carbon capture counterparty would be entitled to withhold the information from disclosure.

PART 5 INFORMATION ABOUT PAYMENT CALCULATIONS UNDER THE CONTRACT

9.—(1) In this Part, “capex payment rate”, “reference price” and “strike price” each has the meaning given to it in regulation 8(6).

(2) A carbon capture counterparty must, in respect of each carbon capture revenue support contract to which it is a party, enter onto the register—

(a) the strike price on the coming into existence of that contract;

(b) the strike price prevailing at any other time;

(c) the capex payment rate on the coming into existence of that contract;

(d) the capex payment rate prevailing at any other time; and

(e) the reference price prevailing at any time (or a hyperlink through which the reference price prevailing at any time can be accessed).

(1)

2000 c. 36.

(2)

S.I. 2004/3391.