The matters to which the OGA must have regard when exercising its functions include the following, so far as relevant—

• Minimising future public expenditure The need to minimise public expenditure relating to, or arising from, relevant activities.

• Security of supply The need for the United Kingdom to have a secure supply of energy.

• Storage of carbon dioxide The development and use of facilities for the storage of carbon dioxide, and of anything else (including, in particular, pipelines) needed in connection with the development and use of such facilities, and how that may assist the Secretary of State to meet the target in section 1 of the Climate Change Act 2008.

• Collaboration The need for the OGA to work collaboratively with the government of the United Kingdom F1, with the Gas and Electricity Markets Authority, and with persons who carry on, or wish to carry on, relevant activities.

• Innovation The need to encourage innovation in technology and working practices in relation to relevant activities.

• System of regulation The need to maintain a stable and predictable system of regulation which encourages investment in relevant activities.

In this section and section 9—

• “function” means any function of the OGA, including any function under Chapter 3 of Part 1 of the Energy Act 2008 (storage of carbon dioxide), other than a function which the OGA is authorised to exercise by virtue of—

  1. a

     an order under section 69 of the Deregulation and Contracting Out Act 1994, or

  2. b

     an agreement under section 7(3);

• “relevant activity” means any activity in relation to which the OGA has functions.