Meaning of “low carbon hydrogen strike price”
8.—(1) In this Part “low carbon hydrogen strike price” means the price determined under a hydrogen production revenue support contract expressed in pounds sterling per megawatt hour, so as to ascertain the amount, if any, which is payable under the contract by the hydrogen production counterparty or the eligible low carbon hydrogen producer in respect of hydrogen produced by the eligible low carbon hydrogen producer.
(2) The hydrogen production counterparty must enter onto the register—
(a)the low carbon hydrogen strike price determined on the coming into existence of the contract (or, where this is not available, the formula used to calculate it); and
(b)as soon as reasonably practicable after the last day of each calendar month, the low carbon hydrogen strike price prevailing on that day.