Regulation 30A Netting of payments by the CFD counterpartyF1

United Kingdom

(1)

This regulation applies where—

(a)

the CFD counterparty must make a payment of an amount to an electricity supplier under these Regulations by a certain date (the “counterparty payment”); and

(b)

that supplier must make a payment of an amount to the CFD counterparty by the same date (the “supplier payment”).

(2)

Where the counterparty payment is more than the supplier payment, payment of the counterparty payment less the supplier payment discharges—

(a)

the CFD counterparty’s obligation to make the counterparty payment, and

(b)

the supplier’s obligation to make the supplier payment.

(3)

Where the counterparty payment is less than the supplier payment, payment of the supplier payment less the counterparty payment discharges—

(a)

that supplier’s obligation to make the supplier payment, and

(b)

the CFD counterparty’s obligation to make the counterparty payment.

(4)

Where this regulation applies and the counterparty payment is equal to the supplier payment—

(a)

the CFD counterparty’s obligation to make the counterparty payment is discharged, and

(b)

the supplier’s obligation to make the supplier payment is discharged.

Annotations

Textual amendments

F1: Reg. 30A inserted (1.4.2016) by The Electricity Supplier Payments (Amendment) Regulations 2016 (S.I. 2016/363), regs. 1(3), 20(2)