Paragraph 12

An amount which, apart from this paragraph, would be payable to a statutory utility in respect of works by virtue of paragraph 9 (and having regard, where relevant, to paragraph 10) must, if the works include the placing of apparatus provided in substitution for apparatus placed more than 7 years and 6 months earlier so as to confer on the utility any financial benefit by deferment of the time for renewal of the apparatus in the ordinary course, be reduced by the amount which represents that benefit.