The Electricity Capacity (No. 1) Regulations 2019

Credit cover: modifications E+W+S

49.—(1) Regulation 59 (requirement to provide applicant credit cover) of the Principal Regulations applies as if—

(a) in paragraph (1), for “paragraph (1B)” there were substituted “ paragraphs (1B) and (1C) ”; and

(b) after paragraph (1B), there were inserted—

“(1C) An applicant is not required to provide applicant credit cover to prequalify for the conditional agreement auction in respect of CMU i.”.

(2) Regulation 60 (credit obligation period) of the Principal Regulations applies as if—

(a) in paragraph (1)(e), after “its” there were inserted “ conditional capacity agreement or ”;

(b) paragraph (3) were omitted;

(c) after paragraph (4) there were inserted—

“(4A) Paragraphs (1) to (4) are subject to paragraph (4B).

(4B) An applicant (“X”) is not required to maintain credit cover which has been provided to prequalify for the conditional agreement auction in respect of CMU i if X is not required to provide applicant credit cover in respect of CMU i because regulation 59(1C) applies.

(4C) If the T-1 termination trigger event has occurred, the Settlement Body must, as soon as reasonably practicable after the date on which this trigger event occurred, release the full amount of any credit cover voluntarily maintained by X in relation to the conditional agreement auction to X.

(4D) Regulation 58(3) applies in relation to the release of credit cover to X under paragraph (4C) as if X were A.”; and

(d) paragraphs (5) and (6) were omitted.

Commencement Information

I1 Reg. 49 in force at 10.4.2019, see reg. 1(2)