{
  "url": "https://openlegislation.uk/eu-decision-2015-658",
  "json_url": "https://openlegislation.uk/eu-decision-2015-658.json",
  "id": "eudn/2015/658",
  "title": "Commission Decision (EU) 2015/658 of 8 October 2014 on the aid measure SA.34947 (2013/C) (ex 2013/N) which the United Kingdom is planning to implement for support to the Hinkley Point C nuclear power station (notified under document C(2014) 7142) (Only the English version is authentic) (Text with EEA relevance)",
  "short_title": "Decision (EU) 2015/658 on the aid measure SA.34947 (2013/C) (ex 2013/N) which the United Kingdom is planning…",
  "long_title": "Commission Decision (EU) 2015/658 of 8 October 2014 on the aid measure SA.34947 (2013/C) (ex 2013/N) which the United Kingdom is planning to implement for support to the Hinkley Point C nuclear power station (notified under document C(2014) 7142) (Only the English version is authentic) (Text with EEA relevance)",
  "citation": "EU Decision 2015/658",
  "type": "eudn",
  "year": "2015",
  "number": "658",
  "version": "current",
  "date": "2014-10-08",
  "revised": false,
  "valid_from": null,
  "extent": "E+W+S+N.I.",
  "unapplied_effects": 0,
  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/eu-decision-2015-658/introduction",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/1",
      "kind": "article",
      "number": "1",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/article-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/2",
      "kind": "article",
      "number": "2",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/article-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "signature",
      "kind": "signature",
      "number": null,
      "heading": "Signature",
      "url": "https://openlegislation.uk/eu-decision-2015-658/signature",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/A",
      "kind": "annex",
      "number": "A",
      "heading": "CFD RATE OF RETURN",
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-A",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/A/division/Table",
      "kind": "division",
      "number": "Table 3",
      "heading": "NNBG Financial Risk Assessment — estimated probability distribution of HPC's total outturn costs",
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-A/division-Table",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/A"
    },
    {
      "path": "annex/A/division/Table/annotation/1",
      "kind": "division",
      "number": null,
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-A/division-Table/annotation/1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/A/division/Table"
    },
    {
      "path": "annex/A/division/2",
      "kind": "division",
      "number": null,
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-A/division-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/A"
    },
    {
      "path": "annex/A/division/7",
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      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-A/division-7",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/A"
    },
    {
      "path": "annex/A/division/8",
      "kind": "division",
      "number": null,
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-A/division-8",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/A"
    },
    {
      "path": "annex/A/division/9",
      "kind": "division",
      "number": null,
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-A/division-9",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/A"
    },
    {
      "path": "annex/A/division/10",
      "kind": "division",
      "number": null,
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-A/division-10",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/A"
    },
    {
      "path": "annex/A/division/11",
      "kind": "division",
      "number": null,
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-A/division-11",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/A"
    },
    {
      "path": "annex/A/division/12",
      "kind": "division",
      "number": null,
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-A/division-12",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/A"
    },
    {
      "path": "annex/A/division/13",
      "kind": "division",
      "number": null,
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-A/division-13",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/A"
    },
    {
      "path": "annex/B",
      "kind": "annex",
      "number": "B",
      "heading": "CREDIT GUARANTEE",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/B/division/1",
      "kind": "division",
      "number": null,
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-B/division-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/B"
    },
    {
      "path": "annex/B/division/Table",
      "kind": "division",
      "number": "Table 17",
      "heading": "Simulated distribution of yield curve at 10 years",
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-B/division-Table",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/B"
    },
    {
      "path": "annex/B/division/3",
      "kind": "division",
      "number": null,
      "heading": "IUK Sensitivity analysis",
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-B/division-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/B"
    },
    {
      "path": "annex/B/division/4",
      "kind": "division",
      "number": null,
      "heading": "UK Gilt yields by maturity",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/B"
    },
    {
      "path": "annex/B/division/4/division/Graph",
      "kind": "division",
      "number": "Graph 1",
      "heading": "UK gilt yields at 10, 20, and 30 years",
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-B/division-4/division-Graph",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/B/division/4"
    },
    {
      "path": "annex/B/division/5",
      "kind": "division",
      "number": null,
      "heading": "USD term structure of yield spreads for BB companies",
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-B/division-5",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/B"
    },
    {
      "path": "annex/B/division/5/annotation/1",
      "kind": "division",
      "number": null,
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-B/division-5/annotation/1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/B/division/5"
    },
    {
      "path": "annex/C",
      "kind": "annex",
      "number": "C",
      "heading": "COMMITMENTS PROVIDED BY THE UNITED KINGDOM",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/C/division/1",
      "kind": "division",
      "number": null,
      "heading": "TRADING COMMITMENT",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C"
    },
    {
      "path": "annex/C/division/1/division/1",
      "kind": "division",
      "number": null,
      "heading": "Definition",
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-1/division-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/1"
    },
    {
      "path": "annex/C/division/1/division/2",
      "kind": "division",
      "number": null,
      "heading": "Operative Terms",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/1"
    },
    {
      "path": "annex/C/division/1/division/2/division/.1",
      "kind": "division",
      "number": "[ ].1",
      "heading": "Each of NNBG and EDF Energy shall ensure, in any agreement for market services for the sale of the output of HPC entered into with any EDF Group Company (the ‘MSA Counterparty’) that, for so long any EDF Group Company is a shareholder (direct or indirect) in NNBG, the MSA Counterparty agrees to:",
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-1/division-2/division-.1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/1/division/2"
    },
    {
      "path": "annex/C/division/1/division/2/division/.2",
      "kind": "division",
      "number": "[ ].2",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-1/division-2/division-.2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/1/division/2"
    },
    {
      "path": "annex/C/division/2",
      "kind": "division",
      "number": null,
      "heading": "EQUITY GAINSHARE MECHANISM",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C"
    },
    {
      "path": "annex/C/division/2/division/1",
      "kind": "division",
      "number": "1",
      "heading": "Overview of the clause",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/2"
    },
    {
      "path": "annex/C/division/2/division/1/division/1.1",
      "kind": "division",
      "number": "1.1",
      "heading": "There will be an Equity Gain Share arrangement consisting of two distinct components:",
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-2/division-1/division-1.1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/2/division/1"
    },
    {
      "path": "annex/C/division/2/division/1/division/1.2",
      "kind": "division",
      "number": "1.2",
      "heading": "The amount of the equity gain will be shared with the CfD Counterparty and will depend on the level of the realised equity IRR at the relevant time. All threshold levels will take account of the cost of committed equity, as determined in accordance with the model:",
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-2/division-1/division-1.2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/2/division/1"
    },
    {
      "path": "annex/C/division/2/division/1/division/1.3",
      "kind": "division",
      "number": "1.3",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-2/division-1/division-1.3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/2/division/1"
    },
    {
      "path": "annex/C/division/2/division/1/division/1.4",
      "kind": "division",
      "number": "1.4",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-2/division-1/division-1.4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/2/division/1"
    },
    {
      "path": "annex/C/division/2/division/2",
      "kind": "division",
      "number": "2",
      "heading": "Relevant mechanism — Project Gain Mechanic",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/2"
    },
    {
      "path": "annex/C/division/2/division/2/division/2.1",
      "kind": "division",
      "number": "2.1",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-2/division-2/division-2.1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/2/division/2"
    },
    {
      "path": "annex/C/division/2/division/2/division/2.2",
      "kind": "division",
      "number": "2.2",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-2/division-2/division-2.2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/2/division/2"
    },
    {
      "path": "annex/C/division/2/division/2/division/2.3",
      "kind": "division",
      "number": "2.3",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-2/division-2/division-2.3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/2/division/2"
    },
    {
      "path": "annex/C/division/2/division/2/division/2.4",
      "kind": "division",
      "number": "2.4",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-2/division-2/division-2.4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/2/division/2"
    },
    {
      "path": "annex/C/division/2/division/2/division/2.5",
      "kind": "division",
      "number": "2.5",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-2/division-2/division-2.5",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/2/division/2"
    },
    {
      "path": "annex/C/division/2/division/3",
      "kind": "division",
      "number": "3",
      "heading": "Relevant mechanism — Equity Sale Mechanic",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/2"
    },
    {
      "path": "annex/C/division/2/division/3/division/3.1",
      "kind": "division",
      "number": "3.1",
      "heading": "An Equity Gain Share will also be triggered upon a direct or indirect sale of shares or shareholder loans (if applicable) by the original shareholders of NNBG at any time during the life of the HPC project. The steps involved are:",
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-2/division-3/division-3.1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/2/division/3"
    },
    {
      "path": "annex/C/division/2/division/3/division/3.2",
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      "number": "3.2",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-2/division-3/division-3.2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/2/division/3"
    },
    {
      "path": "annex/C/division/2/division/3/division/3.3",
      "kind": "division",
      "number": "3.3",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-2/division-3/division-3.3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/2/division/3"
    },
    {
      "path": "annex/C/division/2/division/4",
      "kind": "division",
      "number": "4",
      "heading": "Provisions to support Equity Gain Share mechanisms",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/2"
    },
    {
      "path": "annex/C/division/2/division/4/division/4.1",
      "kind": "division",
      "number": "4.1",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-2/division-4/division-4.1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/2/division/4"
    },
    {
      "path": "annex/C/division/2/division/4/division/4.2",
      "kind": "division",
      "number": "4.2",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-2/division-4/division-4.2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/2/division/4"
    },
    {
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      "kind": "division",
      "number": "5",
      "heading": "Disputes",
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-2/division-5",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/2"
    },
    {
      "path": "annex/C/division/3",
      "kind": "division",
      "number": null,
      "heading": "CONSTRUCTION GAINSHARE MECHANISM",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C"
    },
    {
      "path": "annex/C/division/3/division/1",
      "kind": "division",
      "number": "1",
      "heading": "Overview of the clause",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/3"
    },
    {
      "path": "annex/C/division/3/division/1/division/1.1",
      "kind": "division",
      "number": "1.1",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-3/division-1/division-1.1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/3/division/1"
    },
    {
      "path": "annex/C/division/3/division/1/division/1.2",
      "kind": "division",
      "number": "1.2",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-3/division-1/division-1.2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/3/division/1"
    },
    {
      "path": "annex/C/division/3/division/1/division/1.3",
      "kind": "division",
      "number": "1.3",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-3/division-1/division-1.3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/3/division/1"
    },
    {
      "path": "annex/C/division/3/division/2",
      "kind": "division",
      "number": "2",
      "heading": "Relevant mechanism",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/3"
    },
    {
      "path": "annex/C/division/3/division/2/division/2.1",
      "kind": "division",
      "number": "2.1",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-3/division-2/division-2.1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/3/division/2"
    },
    {
      "path": "annex/C/division/3/division/2/division/2.2",
      "kind": "division",
      "number": "2.2",
      "heading": "Each report shall:",
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-3/division-2/division-2.2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/3/division/2"
    },
    {
      "path": "annex/C/division/3/division/2/division/2.3",
      "kind": "division",
      "number": "2.3",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-658/annex-C/division-3/division-2/division-2.3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/C/division/3/division/2"
    },
    {
      "path": "annex/C/division/3/division/2/division/2.4",
      "kind": "division",
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