The Carbon Dioxide Transport and Storage (Financing of Costs of Offshore Decommissioning) Regulations 2026
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Change 1
20 Recovery measures
(1) This regulation applies where— (a) the Secretary of State does not consider that regulation 19 applies, (b) one or more of the grounds in paragraph (2) applies, and (c) where the ground is one in paragraph (2)(a), (b) or (c)— (i) the next periodic review date is in the fund operational period and is more than six months after the date on which the Secretary of State learns of the likely or actual material deficit, and (ii) the Secretary of State is not satisfied that the deficit is likely to reduce to the relevant amount mentioned in regulation 2(5) by the next periodic review date. (2) The grounds for the purposes of paragraph (1)(b) are that— (a) the Secretary of State has received a statement of accounts that show a material deficit, (b) the Secretary of State is notified of the likelihood of a material deficit in the next statement of accounts or by the next periodic review date, (c) the Secretary of State learns of the likelihood of a material deficit in the next statement of accounts or by the next periodic review date, through other means, (d) the Secretary of State approves a payment against a different accounting code under regulation 26(2)(c), (e) the Secretary of State approves a payment against the correct accounting code, but that payment exceeds the amount estimated for the decommissioning actions that the payment will cover, or (f) there is a deficit in the post operations period, or in the two year period ending on the last day of the fund operational period. (3) Where paragraph (1) applies, the Secretary of State may, in a written notice giving reasonable dates for compliance— (a) require a section 7 licensee to submit one or more changes to an approved funding and investment strategy to remedy the deficit (which may include a change to the annual contribution) and to seek approval of the revised funding and investment strategy under Part 4 of Schedule 4, or (b) require the fund holder or fund administrator to exercise any flexibility contained within an approved funding and investment strategy to modify the approach to investment to remedy the deficit.
20 Recovery measures
(1) This regulation applies where— (a) the Secretary of State does not consider that regulation 19 applies, (b) one or more of the grounds in paragraph (2) applies, and (c) where the ground is one in paragraph (2)(a), (b) or (c)— (i) the next periodic review date is in the fund operational period and is more than six months after the date on which the Secretary of State learns of the likely or actual material deficit, and (ii) the Secretary of State is not satisfied that the deficit is likely to reduce to the relevant amount mentioned in regulation 2(5) by the next periodic review date. (2) The grounds for the purposes of paragraph (1)(b) are that— (a) the Secretary of State has received a statement of accounts that show a material deficit, (b) the Secretary of State is notified of the likelihood of a material deficit in the next statement of accounts or by the next periodic review date, (c) the Secretary of State learns of the likelihood of a material deficit in the next statement of accounts or by the next periodic review date, through other means, (d) the Secretary of State approves a payment against a different accounting code under regulation 26(2)(c), (e) the Secretary of State approves a payment against the correct accounting code, but that payment exceeds the amount estimated for the decommissioning actions that the payment will cover, or (f) there is a deficit in the post operations period, or in the two year period ending on the last day of the fund operational period. (3) Where paragraph (1) applies, the Secretary of State may, in a written notice giving reasonable dates for compliance— (a) require a section 7 licensee to submit one or more changes to an approved funding and investment strategy to remedy the deficit (which may include a change to the annual contribution) and to seek approval of the revised funding and investment strategy under Part 4 of Schedule 4, or (b) require the fund holder or fund administrator to exercise any flexibility contained within an approved funding and investment strategy to modify the approach to investment to remedy the deficit.
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