Regulation 2 InterpretationI1

In these Regulations—

• “the Act” means the Energy Act 2023;

• “compensation” means compensation described in paragraph 8(1) of Schedule 9;

• “licence” means a licence pursuant to section 6(1)(b) of the Electricity Act 1989^f1 or section 7 of the Gas Act 1986^f2;

• “member of the transferor’s group” means any body corporate which is a parent undertaking or subsidiary undertaking of the transferor and any other body corporate (other than the transferor) which is a subsidiary undertaking of any such parent undertaking; and for the purposes of this definition “body corporate”, “parent undertaking” and “subsidiary undertaking” have the meanings given in the Companies Act 2006^f3;

• “price control” means licence conditions whose main purpose is to restrict or otherwise govern the revenue that the licence holder may earn in carrying out activities that are the subject of conditions in the licence, and decisions or determinations of the GEMA under those licence conditions;

• “target business” means the property, rights and liabilities that the Secretary of State proposes to transfer under a transfer scheme, which may include shares in a target company;

• “target company” means a company, the shares in which the Secretary of State proposes to transfer under a transfer scheme;

• “transfer documents” has the meaning given in regulation 5;

• “valuer” means the independent valuer appointed or to be appointed under paragraph 8(3) of Schedule 9;

• “valuation documents” means the transfer documents contained in the transfer offer made by the Secretary of State under regulation 3(2)(b), where there is subsequent absence of agreement under regulation 3;

• “valuation parties” means the Secretary of State and the transferor, and “valuation party” means either one of them;

• “working day” means a day other than a Saturday, a Sunday, Christmas Day, Good Friday or a day which is specified or proclaimed as a bank holiday under the Banking and Financial Dealings Act 1971^f4 in England and Wales.

A reference in these Regulations to a Schedule is to that Schedule to the Act.