67Designation of carbon capture counterpartyU.K.
(1)The Secretary of State may by notice given to a person designate the person to be—
(a)a counterparty for carbon capture revenue support contracts;
(b)a counterparty for any one or more descriptions of carbon capture revenue support contract.
(2)A “carbon capture revenue support contract” is a contract to which a carbon capture counterparty is a party and which was entered into by a carbon capture counterparty in pursuance of a direction given to it under section 68(1) or a notification given to it under section 75(2).
(3)A person designated under subsection (1) is referred to in this Chapter as a “carbon capture 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—
(a)exercise the power under paragraph (a) of subsection (1) so that more than one designation has effect under that paragraph;
(b)exercise the power under paragraph (b) of that subsection so that more than one designation has effect in respect of any description of carbon capture revenue support contract.
(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 capture revenue support contract to which the person who has ceased to be a carbon capture counterparty was a party.
(7)In this section—
“carbon capture entity” means a person who carries on (or is to carry on) in the United Kingdom, with a view to the storage of carbon dioxide, activities of capturing carbon dioxide (or any substance consisting primarily of carbon dioxide) that—
(a)has been produced by commercial or industrial activities,
(b)is in the atmosphere, or
(c)has dissolved in sea water;
“storage”, in relation to carbon dioxide, means any storage with a view to the permanent containment of carbon dioxide.
(8)In subsection (7) the reference to carrying on activities in the United Kingdom includes carrying on activities in, above or below—
(a)the territorial sea adjacent to the United Kingdom;
(b)waters in a Gas Importation and Storage Zone (within the meaning given by section 1 of the Energy Act 2008).
Commencement Information
I1S. 67 in force at 26.12.2023, see s. 334(3)(b)