The Contracts for Difference (Electricity Supplier Obligations) Regulations 2014
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Change 1
30 Set-off of payments by the CFD counterparty
(1) This regulation applies where— (a) the CFD counterparty is liable to make a payment (“a relevant payment”) to an electricity supplier under these Regulations by a date (“the relevant date”); and (b) that supplier is liable to pay determined payments; and (c) the CFD counterparty considers that there is a high degree of likelihood that the electricity supplier will fail to pay a determined payment. (2) Where this regulation applies the CFD counterparty may retain all or part of the relevant payment, subject to paragraph (2A). (2A) The maximum amount the CFD counterparty may retain under paragraph (2) is the amount equal to the sum of all determined payments which the supplier is liable to pay at the relevant date. (3) Where the CFD counterparty does so, the amount retained is to be treated as if it was a payment made to it by the supplier on the relevant date. (4) Where the CFD counterparty has retained all or part of a relevant payment under paragraph (2), it must, by the relevant date, issue a notice to the supplier stating the amount which has been retained. (5) For the purposes of paragraph (1), a determined payment is a payment— (a) which a supplier must make to the CFD counterparty by virtue of these Regulations; (b) which the supplier has not yet made; ... (c) the amount of which has been determined; and (d) which the supplier must make within 5 working days of the relevant date. (6) The amount of a payment which a supplier must make by virtue of these Regulations has been determined if— (a) in the case of a payment which is calculated by reference to an amount of electricity determined by the BSCCo on the basis of a BSC volume allocation run, the BSCCo has carried out that BSC volume allocation run; (b) in the case of a payment where the amount of that payment must be determined by the CFD counterparty in accordance with these Regulations, the CFD counterparty has determined the amount of that payment; (c) in the case of a requirement to pay an amount of interest, the day by which that interest must be paid has passed. (7) For the purposes of this regulation and regulation 31 a requirement to provide collateral under regulation 19(2) is not a requirement to make a payment by virtue of these Regulations.
30 Set-off of payments by the CFD counterparty
(1) This regulation applies where— (a) the CFD counterparty is liable to make a payment (“a relevant payment”) to an electricity supplier under these Regulations by a date (“the relevant date”); and (b) that supplier is liable to pay determined payments; and (c) the CFD counterparty considers that there is a high degree of likelihood that the electricity supplier will fail to pay a determined payment. (2) Where this regulation applies the CFD counterparty may retain all or part of the relevant payment, subject to paragraph (2A). (2A) The maximum amount the CFD counterparty may retain under paragraph (2) is the amount equal to the sum of all determined payments which the supplier is liable to pay at the relevant date. (3) Where the CFD counterparty does so, the amount retained is to be treated as if it was a payment made to it by the supplier on the relevant date. (4) Where the CFD counterparty has retained all or part of a relevant payment under paragraph (2), it must, by the relevant date, issue a notice to the supplier stating the amount which has been retained. (5) For the purposes of paragraph (1), a determined payment is a payment— (a) which a supplier must make to the CFD counterparty by virtue of these Regulations; (b) which the supplier has not yet made; ... (c) the amount of which has been determined; and (d) which the supplier must make within 5 working days of the relevant date. (6) The amount of a payment which a supplier must make by virtue of these Regulations has been determined if— (a) in the case of a payment which is calculated by reference to an amount of electricity determined by the BSCCo on the basis of a BSC volume allocation run, the BSCCo has carried out that BSC volume allocation run; (b) in the case of a payment where the amount of that payment must be determined by the CFD counterparty in accordance with these Regulations, the CFD counterparty has determined the amount of that payment; (c) in the case of a requirement to pay an amount of interest, the day by which that interest must be paid has passed. (7) For the purposes of this regulation and regulation 31 a requirement to provide collateral under regulation 19(2) is not a requirement to make a payment by virtue of these Regulations.
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