{
  "url": "https://openlegislation.uk/draft-electricity-capacity-regulations-2014/regulation-54",
  "json_url": "https://openlegislation.uk/draft-electricity-capacity-regulations-2014/regulation-54.json",
  "legislation": "ukdsi/2014/9780111116852",
  "legislation_title": "The Electricity Capacity Regulations 2014",
  "legislation_url": "https://openlegislation.uk/draft-electricity-capacity-regulations-2014",
  "path": "regulation/54",
  "kind": "regulation",
  "number": "54",
  "heading": "Credit cover: requirements",
  "text": "(1) A person who is under an obligation to provide credit cover must do so—\n(a) for at least the required amount; and\n(b) in a permissible form (or partly in one permissible form and partly in the other).\n(2) The following are permissible forms of credit cover—\n(a) a letter of credit which meets the conditions in paragraph (3);\n(b) a cash deposit in a bank account specified by the Settlement Body in accordance with paragraph (4).\n(3) The conditions in this paragraph are that the letter of credit is—\n(a) issued by a qualifying bank;\n(b) in sterling;\n(c) available for payment at a London branch of the issuing bank against a notice of drawing delivered by the Settlement Body; and\n(d) valid—\n(i) at least until the end of the credit obligation period; or\n(ii) if the credit obligation period is more than 6 months, for a period of not less than 6 months.\n(4) A bank account specified by the Settlement Body for the purpose of paragraph (2)(b) must—\n(a) be an interest bearing account in the name of the Settlement Body;\n(b) be used only for the purpose of holding credit cover provided under these Regulations; and\n(c) be an account the funds in which may only be withdrawn by or on behalf of the Settlement Body.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2014/9780111116852/regulation/54",
    "retrieved_at": "2026-10-30T15:12:43.570912+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}