Regulation 20 Applicant credit cover: modifications

(1)

The modifications in paragraph (2) do not apply in relation to an obligation to maintain applicant credit cover in respect of the conditional agreement auction.

(2)

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

(a)

in paragraph (1), after “paragraph (1B)” there were inserted “and (1C)”;

(b)

after paragraph (1B), there were inserted—

“(1C)

During the standstill period, an applicant who would otherwise be required to provide —

(a)

applicant credit cover under paragraph (1); or

(b)

increased credit cover under paragraph (4),

is not required to do so, but may nevertheless provide and maintain such cover during the whole or part of that period.”;

(c)

at the end of paragraph (3), there were inserted “unless paragraph (5A) applies”;

(d)

at the end of paragraph (5), there were inserted “unless paragraph (5A) applies”; and

(e)

after paragraph (5), there were inserted—

“(5A)

If the deferred capacity payment trigger event occurs, an applicant to whom paragraph (1C) applies must provide applicant credit cover in the amount determined in accordance with paragraph (2)(a) or (4) (as the case may be) within 40 working days after receiving a notice by the Delivery Body that the applicant must provide applicant credit cover under paragraph (1).”.