Reducing the price of electricity
I118Contracts for difference
1
The Energy Act 2013 is amended as follows.
2
In section 6 (power to make regulations about contracts for difference for the purpose of encouraging low carbon electricity generation)—
a
after subsection (1) insert—
1A
The reference in subsection (1) to encouraging low carbon electricity generation includes encouraging the continuation of, or an increase in, low carbon electricity generation by existing generating stations.
b
in subsection (8), after paragraph (a) insert—
aa
the first regulations made after the passing of the Energy Prices Act 2022 which make provision falling within each of the sections mentioned in paragraph (a);
3
In section 7 (designation of a CFD counterparty), in subsection (5), omit the words from “, but only” to the end.
4
In section 17 (payments to electricity suppliers), after subsection (2) insert—
2A
Regulations may make provision imposing on an electricity supplier who receives a payment from a CFD counterparty a requirement to secure that customers of the electricity supplier receive, by a time specified in the regulations, such benefit from the payment as may be specified in or determined in accordance with the regulations.
5
In section 19 (information and advice)—
a
in subsection (2)—
i
in paragraph (c), after “the Northern Ireland system operator” insert “, an electricity supplier”
,
ii
after paragraph (c) insert—
ca
for the Authority to require information to be provided to it by a CFD counterparty or electricity suppliers;
cb
for the Northern Ireland Authority for Utility Regulation to require information to be provided to it by a CFD counterparty or electricity suppliers;
iii
in paragraph (e), after “to it by” insert “the Authority, the Northern Ireland Authority for Utility Regulation,”
, and
b
in subsection (4), at the beginning insert “Except as provided by regulations,”
.