The Electricity Capacity Regulations 2014
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Change 1
54 Credit cover: requirements
(1) A person who is under an obligation to provide credit cover must do so— (a) for at least the required amount; and (b) in a permissible form (or partly in one permissible form and partly in the other). (2) The following are permissible forms of credit cover— (a) a letter of credit which meets the conditions in paragraph (3); (b) a cash deposit in a bank account specified by the Settlement Body in accordance with paragraph (4). (3) The conditions in this paragraph are that the letter of credit is— (a) issued by a qualifying bank; (b) in sterling; (c) available for payment at a London branch of the issuing bank against a notice of drawing delivered by the Settlement Body; and (d) valid— (i) at least until the end of the credit obligation period; or (ii) if the credit obligation period is more than 6 months, for a period of not less than 6 months. (4) A bank account specified by the Settlement Body for the purpose of paragraph (2)(b) must— (a) be an interest bearing account in the name of the Settlement Body; (b) be used only for the purpose of holding credit cover provided under these Regulations; and (c) be an account the funds in which may only be withdrawn by or on behalf of the Settlement Body.
54 Credit cover: requirements
(1) A person who is under an obligation to provide credit cover must do so— (a) for at least the required amount; and (b) in a permissible form (or partly in one permissible form and partly in the other). (2) The following are permissible forms of credit cover— (a) a letter of credit which meets the conditions in paragraph (3); (b) a cash deposit in a bank account specified by the Settlement Body in accordance with paragraph (4). (3) The conditions in this paragraph are that the letter of credit is— (a) issued by a qualifying bank; (b) in sterling; (c) available for payment at a London branch of the issuing bank against a notice of drawing delivered by the Settlement Body; and (d) valid— (i) at least until the end of the credit obligation period; or (ii) if the credit obligation period is more than 6 months, for a period of not less than 6 months. (4) A bank account specified by the Settlement Body for the purpose of paragraph (2)(b) must— (a) be an interest bearing account in the name of the Settlement Body; (b) be used only for the purpose of holding credit cover provided under these Regulations; and (c) be an account the funds in which may only be withdrawn by or on behalf of the Settlement Body.
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