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The Nuclear Regulated Asset Base Model (Revenue Collection) Regulations 2023

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2023, ISBN 9780348242676

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Regulations laid before Parliament under section 15(7) of the Nuclear Energy (Financing) Act 2022, for approval by resolution of each House of Parliament.

Electricity

Nuclear Energy

Made ***

Coming into force in accordance with regulation 1

The Secretary of State makes the following Regulations in exercise of the powers conferred by sections 15(1) and (5), 17(2), (3) and (5), 18(2) and (3), 19(1), (2) and (4) to (8), 20, 21(1), (2), (4) and (5), and 22 to 24 of the Nuclear Energy (Financing) Act 2022f1.

The Secretary of State has, in accordance with section 25(1) of that Act, consulted the persons listed in section 25(1)(a) to (c) and (e) to (g) and such other persons as the Secretary of State considered appropriate to consultf2.

A draft of this instrument was laid before Parliament in accordance with section 15(7) of that Act and approved by a resolution of each House of Parliament.

Annotations to the whole text

Footnotes

f1

2022 c. 15.

f2

The Secretary of State has not consulted any persons under section 25(1)(d) of the Act as no nuclear company is a relevant licensee nuclear company at the time that these Regulations are made.

Contents

  1. Part 1: Introduction
  2. 1Citation, commencement and extent
  3. 2Interpretation
  4. Part 2: Supplier obligation
  5. Chapter 1: The supplier obligation
  6. 3The supplier obligation
  7. 4RCC period contribution
  8. Chapter 2: Interim daily levy
  9. 5Setting the interim levy rate
  10. 6Estimated cost, income & electricity supply
  11. 7Interim rate payments
  12. 8Data reconciliation of interim rate payments
  13. Chapter 3: Payments for reserve
  14. 9Reserve payments
  15. 10Individual suppliers’ reserve amounts
  16. Chapter 4: Adjustments to interim rate and additional reserve payments
  17. 11In period adjustments
  18. 12Adjusted interim levy rate
  19. 13Additional total reserve amount
  20. 14Determination of reduced total reserve amount
  21. Chapter 5: Reconciliation payments
  22. 15Reconciliation payments
  23. 16Determination of reconciliation payments
  24. Chapter 6: Mutualisation
  25. 17Mutualisation
  26. 18Repayment of mutualised amounts
  27. Chapter 7: Collateral
  28. 19Requirement to provide collateral
  29. 20Appropriate letters of credit
  30. 21Calling of collateral
  31. 22Withdrawal of collateral and payment of interest
  32. Part 3: Operational costs
  33. 23The operational costs levy
  34. 24Repayment of excess
  35. Part 4: Miscellaneous
  36. Chapter 1: Enforcement and disputes
  37. 25Enforcement of requirements
  38. 26Dispute notices
  39. 27Determination of disputes
  40. 28Duties of the revenue collection counterparty to enforce and notify
  41. 29Notices and publications
  42. Chapter 2: Effect of payment and interest
  43. 30Set-off of payments by the revenue collection counterparty
  44. 31Netting of payments by the revenue collection counterparty
  45. 32Discharge of obligations by payment
  46. 33Use of payments
  47. 34Apportioning sums to revenue collection contracts
  48. 35Application of apportionment to revenue collection contracts
  49. 36Interest
  50. Part 5: Directions to offer to contract
  51. 37Directions under section 18 of the Act
  52. 38Form and content of specified terms
  53. 39Revocation of directions
  54. 40Publication of revenue collection contracts
  55. 41Interpretation of Part 5
  56. Part 6: Information and advice
  57. 42Requests for information
  58. 43Provision of information other than by request
  59. 44Provision of advice to the Secretary of State
  60. 45Restrictions on disclosing information or advice
  61. 46Supplementary provision for Part 6
  62. 47Interpretation of Part 6
  63. Signature
  64. Schedule
  65. 1Paragraph 1
  66. 2Paragraph 2
  67. 3Paragraph 3
  68. 4Paragraph 4
  69. 5Paragraph 5
  70. 6Paragraph 6
  71. 7Paragraph 7
  72. 8Paragraph 8
  73. 9Paragraph 9
  74. 10Paragraph 10
  75. 11Paragraph 11
  76. 12Paragraph 12
  77. 13Paragraph 13
  78. 14Paragraph 14
  79. 15Paragraph 15
  80. 16Paragraph 16
  81. 17Paragraph 17
  82. 18Paragraph 18
  83. 19Paragraph 19
  84. 20Paragraph 20
  85. 21Paragraph 21
  86. 22Paragraph 22
  87. 23Paragraph 23
  88. 24Paragraph 24
  89. 25Paragraph 25
  90. 26Paragraph 26
  91. 27Paragraph 27
  92. 28Paragraph 28
  93. 29Paragraph 29
  94. 30Paragraph 30
  95. 31Paragraph 31
  96. 32Paragraph 32
  97. 33Paragraph 33
  98. 34Paragraph 34
  99. 35Paragraph 35
  100. 36Paragraph 36
  101. 37Paragraph 37
  102. 38Paragraph 38
  103. 39Paragraph 39
  104. Explanatory note