23. The Electricity Market Reform (General) Regulations 2014 are amended as follows.
24. In regulation 2 (interpretation), for the definition of “working day” substitute—
““working day” means a day that is not a Saturday or Sunday, Christmas Day, Good Friday or any day that is a bank holiday in England and Wales under the Banking and Financial Dealings Act 1971.”.
25. In regulation 7 (provision of information by generators to the delivery body), after paragraph (7) insert—
“(8) Where the “generator party” is an unincorporated association, “generator party” is to be read as “a member of the generator party unincorporated association that is a regulated person for the purposes of section 25 of the Electricity Act 1989(1).”.
26. After regulation 17 (investment contracts) insert—
18.—(1) Paragraph (2) applies where the Secretary of State issues and publishes revised standard terms in accordance with section 11 of the Act that include revisions to any sustainability obligations in the standard terms.
(2) The Secretary of State may give a notice (“a direction notice”) to a CFD counterparty that requires the CFD counterparty to implement amendments to the sustainability obligations.
(3) A direction notice may only be given for the purpose of the “Sustainability Objective” (as that term was defined in any CFD to which the direction applies).
(4) A direction notice must specify what amendments a CFD counterparty must effect in relation to which CFDs.
(5) A direction notice may only specify an amendment to a CFD that ensures the sustainability obligations in that CFD have the same effect as the sustainability obligations in the revised standard terms.
(6) A direction notice may specify the date from which any amendment to a CFD must take effect.
(7) The Secretary of State must publish a direction notice.”.
1989 c. 29; section 25 was amended by regulation 39(4) of the Electricity and Gas (Internal Markets) Regulations 2011 (S.I. 2011/2704, and there are other amendments but none is relevant.