(1)The Secretary of State may modify the conditions of a T&S company’s licence (“the section 7 licence”) so that they include—
(a)conditions relating to the recovery of amounts owed to the Secretary of State by the T&S company by virtue of, or otherwise relating to, financial assistance given by the Secretary of State while a T&S administration order is in force in relation to the T&S company;
(b)conditions relating to raising of funds for the purpose of meeting of expenses arising by virtue of the order.
(2)The Secretary of State may exercise the power under subsection (1) only if a T&S administration order is in force in relation to the T&S company.
(3)Before making a modification under subsection (1), the Secretary of State must consult—
(a)the economic regulator,
(b)if the section 7 licence authorises activities within section 2(2)(a), the person who granted any associated licence under section 18 of the Energy Act 2008, and
(c)such other persons as the Secretary of State considers appropriate.
(4)The power to make modifications under subsection (1) includes power to make such incidental, consequential or transitional modifications as the Secretary of State considers necessary or expedient.
(5)In subsection (1)(a), “financial assistance” means grants, loans, guarantees or indemnities, or any other kind of financial assistance.
(6)For the purposes of this section, a licence under section 18 of the Energy Act 2008 (“the carbon storage licence”) is an “associated licence” in relation to the section 7 licence if—
(a)the carbon storage licence is in respect of activities within section 17(2)(a) of that Act, and
(b)any part of the site to which the section 7 licence relates is within any place to which the carbon storage licence relates.
Commencement Information
I1S. 46 in force at 26.12.2023, see s. 334(3)(a)