27.—(1) This regulation applies if the supply licence of a licensed supplier (E) is terminated.
(2) E is not to be regarded as a licensed supplier for the purposes of any periodic levelisation, annual levelisation or mutualisation which takes place after the termination of its licence.
(3) If, before the termination of E’s licence, it has been determined on a periodic or annual levelisation under this Part that E is liable to pay or entitled to receive an amount, to the extent that it is unpaid—
(a)E remains subject to that liability but, if the Authority identifies that the calculation of the amount is incorrect, it may adjust the amount and E is liable to pay the adjusted amount (to the extent that it is unpaid);
(b)E remains entitled to that amount but, if the Authority identifies that the calculation of the amount is incorrect, it may adjust the amount and E is entitled to the adjusted amount (to the extent that it is unpaid).
(4) If—
(a)an annual levelisation takes place after the termination of E’s licence; and
(b)E had received or paid periodic levelisation payments for the OLR year to which the annual levelisation relates,
the Authority may adjust the annual levelisation payment of each remaining licensed supplier to ensure that the total amount of levelisation payments made or due to be made by licensed suppliers for the OLR year is equal to the total amount of levelisation payments received or due to be received by licensed suppliers for the OLR year.
(5) For the purposes of this regulation, a supply licence is terminated if—
(a)it is revoked by the Authority in accordance with the terms of the licence;
(b)it is surrendered by the licensed supplier; or
(c)it expires by effluxion of time.