The Contracts for Difference (Standard Terms) Regulations 2014

PART 1 Introduction

Citation and commencement

1.  These Regulations may be cited as the Contracts for Difference (Standard Terms) Regulations 2014 and come into force on the day after the day on which they are made.

Interpretation

2.  In these Regulations—

“the Act” means the Energy Act 2013;

“allocation round notice” has the meaning given in regulation 5(1);

“applicant” means a person to whom section 15(1) of the Act applies;

“the CFD counterparty” means the person or persons designated as a counterparty for contracts for difference in accordance with section 7 of the Act;

“delivery body” means—

(a)

the national system operator; or

(b)

if the national system operator’s functions under Chapter 2 of Part 2 of the Act have been transferred to an alternative delivery body, that body;

“eligible generator” has the meaning given by the Contracts for Difference (Definition of Eligible Generator) Regulations 2014(1);

“generating facility” means the facility which produces low carbon electricity generation for the purposes of a CFD;

“generator” means a person who enters into a CFD with the CFD counterparty;

“reference price”, in relation to a CFD, means a price determined under the CFD which is intended to represent a market price of electricity in respect of a period specified in that CFD;

“strike price”, in relation to a CFD, means a price specified in or determined under the CFD which is compared to the reference price determined under that CFD so as to enable the determination of the amount (if any) which is payable by the CFD counterparty or a generator under the CFD in respect of the generation of electricity by that generator;

“third party” means a person other than a generator who enters into a contract with the CFD counterparty which is not a CFD; and

“working day” means 9 am to 5 pm on Mondays to Fridays excluding—

(a)

bank holidays within the meaning of section 1 of the Banking and Financial Dealings Act 1971(2), including those bank holidays in part only of the United Kingdom;

(b)

Good Friday; and

(c)

when it falls on a day that would otherwise be a working day, Christmas Day.

(1)

S.I. 2014/2010.

(2)

1971 c. 80.