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Paragraph 3 Method of calculating hypothetical cost of purchasing certain electricity

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

In the formula in paragraph 2–

  • Σn signifies the summation over all the qualifying months within period y;

  • Σj signifies the summation over all the half hours (beginning on the hour or on the half-hour) within month n;

  • Ynj is the number of units of the electricity referred to in paragraph 1 supplied in each particular half hour within month n where that number is known;

  • Znj is the market price in each half hour within month n as defined in regulation 19 except during a security period, when it shall be a price determined as the Director, after consultation with licensed suppliers, sees fit;

  • Vn is the number of units of the electricity referred to in paragraph 1 within month n; and

  • Wn is the number of half hours in month n.