# The Electricity Capacity Regulations 2014, Regulation 58: Release of credit cover


(1) This paragraph applies if A has provided credit cover and one of the following circumstances applies—
(a) A is no longer required, under regulation 60, to maintain any credit cover;
(b) A has provided further credit cover under regulation 57(3) to replace the credit cover previously provided, and the Settlement Body has approved the replacement credit cover; or
(c) the amount of credit cover provided by A and approved by the Settlement Body exceeds the required amount.
(2) Where paragraph (1) applies—
(a) A may, by giving notice in writing to the Settlement Body, request the Settlement Body to release—
(i) if paragraph (1)(a) applies, all or part of the credit cover;
(ii) if paragraph (1)(b) applies, the credit cover that has been replaced;
(iii) if paragraph (1)(c) applies, an amount of credit cover not exceeding the amount by which the credit cover referred to in paragraph (1)(c) exceeds the required amount; and
(b) the Settlement Body must release that amount of credit cover as soon as reasonably practicable.
(3) Credit cover is released—
(a) in the case of a cash deposit, by repaying the principal to A; and
(b) in the case of a letter of credit, by issuing notice to A confirming that the letter of credit is no longer required.

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Source: https://www.legislation.gov.uk/ukdsi/2014/9780111116852/regulation/58 (the official version)
Page: https://openlegislation.uk/draft-electricity-capacity-regulations-2014/regulation-58
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.