Regulation 10 Settlement costs levy refund

(1)

The Settlement Body must, after the end of each relevant financial year—

(a)

determine the amount of the settlement costs which it has incurred in respect of that financial year (“SC”); and

(b)

calculate the total amount (“AR”) of—

(i)

settlement costs levy payments which it has received in respect of that financial year (not including late payment interest on such payments); and

(ii)

interest accrued by the Settlement Body in that period on settlement costs levy payments received by it.

(2)

If, in respect of a relevant financial year, AR is greater than SC, each electricity supplier who has paid a settlement costs levy payment is entitled to receive a payment (a “settlement costs levy refund”).

(3)

The Settlement Body must—

(a)

calculate the amount of the refund payable to each electricity supplier in accordance with paragraph 9 of Schedule 1; and

(b)

issue a credit note to each electricity supplier for the amount calculated for it.

(4)

The Settlement Body must comply with paragraphs (1) to (3) as soon as reasonably practicable after the end of the relevant financial year.