(1)The Secretary of State may by notice given to a person designate the person to be a counterparty for carbon dioxide transport and storage revenue support contracts.
(2)A “carbon dioxide transport and storage revenue support contract” is a contract in relation to which both the following paragraphs apply—
(a)the contract is between a carbon dioxide transport and storage counterparty and the holder of a licence under section 7;
(b)the contract was entered into by a carbon dioxide transport and storage counterparty in pursuance of a direction given to it under section 60(1).
(3)A person designated under subsection (1) is referred to in this Chapter as a “carbon dioxide transport and storage counterparty”.
(4)A designation may be made only with the consent of the person designated (except where that person is the Secretary of State).
(5)The Secretary of State may exercise the power to designate so that more than one designation has effect under subsection (1), but only if the Secretary of State considers it necessary for the purposes of ensuring that—
(a)liabilities under a carbon dioxide transport and storage revenue support contract are met,
(b)arrangements entered into for purposes connected to a carbon dioxide transport and storage revenue support contract continue to operate, or
(c)directions given to a carbon dioxide transport and storage counterparty continue to have effect.
(6)As soon as reasonably practicable after a designation ceases to have effect, the Secretary of State must make one or more transfer schemes under section 86 to ensure the transfer of all rights and liabilities under any carbon dioxide transport and storage revenue support contract to which the person who has ceased to be a carbon dioxide transport and storage counterparty was a party.
Commencement Information
I1S. 59 in force at 26.12.2023, see s. 334(3)(b)