# The Carbon Dioxide Transport and Storage (Determination of Turnover for Penalties) Regulations 2024, Note: Explanatory note


(This note is not part of the Regulations)
Paragraph 4 of Schedule 3 to the Energy Act 2023 (“the Act”) provides that where the economic regulator (the Gas and Electricity Markets Authority) is satisfied that a carbon dioxide transport and storage licence holder has contravened or is contravening any relevant condition or requirement imposed on the licence holder, the economic regulator may impose on the licence holder a penalty of such amount as is reasonable in all the circumstances of the case not exceeding 10 per cent of the licence holder’s turnover.
Regulation 3 sets out how a carbon dioxide transport and storage licence holder’s turnover is to be determined for the purposes of calculating the maximum amount of a penalty as set out in paragraph 10 of Schedule 3 (maximum amount of penalty) to the Act.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.
An Explanatory Memorandum has been published alongside these Regulations on the UK legislation website at www.legislation.gov.uk.

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Source: https://www.legislation.gov.uk/ukdsi/2024/9780348262780/note (the official version)
Page: https://openlegislation.uk/draft-carbon-dioxide-transport-and-storage-determination-of-turnover-for-penalties-regulations-2024/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.